C. Other regularatory Information
a) Title deeds of other immovable properties not held in the name of the company The title deeds of all immovable properties are held in the name of the company.
b) Registration of charges or satisfaction with Registrar of Companies
There are no borrowings from financial institutions , hence point is not applicable.
c) Utilisation of borrowings availed from bank and financial institutions
There are no borrowings from and financial institutions , hence point is not applicable.
D 1 The above results are reviewed by the audit committee and approved by the Board of Directors at its meeting held on
2 Figures has been regrouped/rearranged/reclassified/reworked wherever necessary.
3 The company organised business into two segments- Aquaculture & Ship building. Segment wise results are attached.
The financial results for the above periods have been prepared in accordance with the Companies (Indian Accounting
4 Standards)Rules,2015 (Ind AS) as prescribed under section 133 of the Companies Act 2013 read with the relevant rules and circulars issued.
Figures of last quarter are the balancing figures between audited figures in respect of the full financial year and the published
5
year-to-date figures upto the third quarter of the current financial year
6 Disclosure pursuant to SEBI Circular No. SEBI/HO/DDHS/DDHS-RACPOD1/P/CIR/2023/172 dated October 19, 2023 are as a Outstanding Qualified Borrowings at the start of the financial year (Rs. 0.50 lakhs) b Outstanding Qualified Borrowings at the end of the financial year ( Nil )
Highest credit rating of the company relating to the unsupported bank borrowings or plain vanilla bonds, which have no
c
structuring/support built in. Rs. Nil
d Incremental borrowing done during the year (qualified borrowing) (Rs. Nil) e Borrowings by way of issuance of debt securities during the year (Rs.Nil)
Significant Accounting Policies
Basis of accounting and preparation of financial statements
The financial statements of the Company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified under the relevant provisions of the Companies Act, 2013. The financial statements have been prepared on accrual basis under the historical cost convention. The accounting policies adopted in the preparation of the financial statements are consistent with those followed in the previous year
Use of estimates
The preparation of the financial statements in conformity with Indian GAAP requires the Management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The Management believes that the estimates used in preparation of the financial statements are prudent and reasonable. Future results could differ due to these estimates and the differences between the actual results and the estimates are recognised in the periods in which the results are known / materialise.
Inventories
Inventory of raw material, stores and spares are valued at cost on FIFO basis.
Cash and cash equivalents (for purposes of Cash Flow Statement)
Cash comprises cash on hand and demand deposits with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), highly liquid investments that are readily convertible into known amounts of cash and which are subject to insignificant risk of changes in value.
Cash flow statement
Cash flows are reported using the indirect method, whereby profit / (loss) before extraordinary items and tax is adjusted for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments. The cash flows from operating, investing and financing activities of the Company are segregated based on the available information.
Fixed asset, Depreciation and amortisation
Fixed Assets are valued at cost of acquisition inclusive of freight, duties, taxes and incidental expenses related to acquisition, installation and commissioning. Depreciation is provided based on useful life of the assets as prescribed in Schedule II to the Companies Act, 2013.
Revenue recognition
The revenue from the sale is recognized when substantial risk and owenership transferred to the buyer and invoice is raised. Other income
Interest income is accounted on accrual basis. Dividend income is accounted for when the right to receive it is established.
Foreign currency transactions and translations
No such transaction during the audit period.
Earnings per share
Basic earnings per share is computed by dividing the profit / (loss) after tax by the weighted average number of equity shares outstanding during the year. Diluted earnings per share is computed by dividing the profit / (loss) after tax as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares. Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as at the beginning of the period, unless they have been issued at a later date. The dilutive potential equity shares are adjusted for the proceeds receivable had the shares been actually issued at fair value (i.e. average market value of the outstanding shares). Dilutive potential equity shares are determined independently for each period presented.
Taxes on income
No provision for Income Tax is made in view of carried forward losses of the Company.
Deferred tax asset or liability is recognized for timing differences between the profit as per financial statements and the profits offered for income tax, based on tax rates that have been enacted or substantively enacted at the Balance Sheet date. Deferred tax assets are recognized only if there is reasonable certainty that these can be realized. The carrying amount of deferred tax assets is reviewed at each Balance Sheet date and reduced to the extent that it is no longer probable that sufficient taxable income will be available to allow all or part of the deferred tax asset to be utilized.
Provisions and contingencies
A provision is recognised when the Company has a present obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation in respect of which a reliable estimate can be made. Provisions (excluding retirement benefits) are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. Contingent liabilities are disclosed in the Notes. ( The Company has not provided in books of accounts for contingent liability in respect of interest on central excise and custom duty vide its order no. A/65-70/WZB/06/C-II/EB dt 6.01.06. Amount is not quantified as per the said order.)
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