In accordance with the principles laid down under Indian Accounting Standard (Ind AS) 12 - “Income Taxes,” the Company is required to recognize deferred tax assets for all deductible temporary differences, carry forward of unused tax losses and unused tax credits to the extent that it is probable that taxable profit will be available against which those can be utilized.
In the absence of convincing evidence regarding the availability of sufficient future taxable profits, the Company has not recognized deferred tax assets in respect of carry forward losses and unabsorbed depreciation under the Income-tax Act, 1961. The same will be reassessed at each reporting date and recognized when realization is considered
As per records of the Company, including its register of shareholders / members and other declaration received from shareholders regarding beneficial interest, the above shareholding represent both legal and beneficial ownerships of shares.
Sums allocated to a Capital reserve are permenently invested and cannot be used to pay dividends to shareholders.They are earmarked for Specific purposes such as Long term projects,mitigating capital losses or any other long term contingencies. Subsidy received from Sicom and MPEDA has been shown as Capital Reserve
With the promulgation of the Micro, Small and Medium Enterprises Development Act, 2006, the Company is required to identify Micro, Small and Medium Suppliers and pay them interest on overdue beyond the specified period irrespective of the terms with the suppliers. The Company has circulated letter to all suppliers seeking their status. Response from few suppliers has been received and is still awaited from other suppliers. In view of this, the liability of interest calculated and the required disclosures made, in the below table, to the extent of information available with the Company.
24 Segment Reporting as per IND AS 108
The Company is predominantly engaged in the business of Breeding and Canning of Shrimp for sale and Ship Building. There are 2 Segment in a company which are Fishery
i) and Shipyard.
As the Company does have revenue from any significant external customer amounting to
ii)
10% or more of the Company's total revenue, the related information as required under paragraph 34 of Ind AS 108 is disclosed.
Shrimps are collected and gather for breeding in Aquaculture farms.After breeding
iii) shrimps are sold to markets.
iv) Company also engage in building of Ships.
v) Segment Revenue And Results
All segment revenues & expenses that are directly attributable to the segments are reported under the respective segment. The revenues and expenses that are not directly attributable to any segments are shown as unallocated expenses.
vi) Segment Assets and Liabilities
Segment assets include all operating assets used by the business segment and consist principally Fixed Assets, Debtors and Inventories. Segment liabilities primarily include creditors and other liabilities. Assets and Liabilities that cannot be allocated between the segments are shown as a part of unallocated assets and liabilities respectively.
25 Contingent Liabilities not provided for in respect of :
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.
26 Additional regulatory information required by Schedule III
A. NOTES
a) Detail Benami Property held
The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
b) Borrowing secured against current assets
Bank overdraft is availed against property of the company, hence this point is not applicable
c) Wilful defaulter
by any bank or financial institution (as defined
d) Relationship with struck off companies
The company has no transactions with the companies struck off under Companies act 2013 or Companies act 1956.
e) Companies with number of layer of companies
The Company does not have any subsidiary company , hence the requirements of this clause are not applicable.
f) Companies with approved scheme(s) of arrangements
The Company has not entered into any scheme of arrangement which has an accounting impact on current or previous financial year.
g) Utilisation of borrowed funds and share premium
The company has not advanced or loaned or invested funds to any other person(s) or entity(ies) ,neither have received any such amounts from any other party for funding any other beneficiary.
h) Undisclosed income
The Company does not have any transaction which are not recorded in the books of accounts that have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act,
i) Details of crypto currency or virtual currency
The Company has not traded or invested in crypto currency or virtual currency during the current or previous year.
j) Valuation of PP& E , Intangible assets and Investment Property Property, Plant and Equipment (including Right-
|