Mar 31, 1999
1. CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF :
a) Bank Guarantees outstanding Rs. 9.42 lacs (Rs. 10.02 Lacs)
b) Claim not acknowledged pending by creditor Rs. 6.33 Lacs (Rs. 6.33
Lacs)
2. SECURED LOANS :
Nature of Security :
a) The Term Loan & Working capital facilities from Bank is secured Pari
Passu by mortgage on leasehold office premises and on farm (partly
created) by deposit of title deeds of the company's immovable
properties with Bank and further by a pari passu charge by way of
hypothecation of the movable assets of the company (except book debts)
including movable plant and machinery and other assets, both present
and future.
b) The above is secured additionally by way of personal guarantee of
all Promoter Directors.
c) The above is further collaterally secured by a piece of land at
Malwani, Malad (West), Mumbai, owned by a firm in which the promoter
Directors are partners.
3. Estimated amount of contracts remaining to be executed on capital
accounts and not provided for (net of advances) as at 31st March 1999
is Rs. NIL (Rs. NIL)
4. The Company has not provided interest on Term Loan and Working
Capital Loan during the current year. We are unable to quantify the
interest amount as necessary evidence is not in possession of the
Company.
5. The Company has not recognised the income of interest on deposit
for Bank guarantee. We are unable to quantify the interest amount as
necessary evidence is not in possession of the Company.
6. During the year, the company has not provided depreciation on Fixed
Assets in view of absence of commercial production. Had the company
provided the depreciation on straight line method as in earlier years,
the loss for the year would have been higher by Rs. 38.91 Lacs (Rs.
32.62 Lacs) and the Fixed Assets would have been lower to the same
extent.
7. Excess provision of the previous years written back includes
Electrical expenses liability of the company amounting to Rs. 10.20
lacs which is no longer liability of the Company.
8. The Company has written off bad debts amounting to Rs. 59.01 lacs
during the year under audit. In view of the management, these amounts
are not receivable by the Company.
9. During the year the Company has capitalised operating overhead
expenses of the farm amounting to Rs. 1.49 lacs (previous year Rs.
19.94 lacs). The aforesaid expenses are capitalised to the value of
the Fixed Assets of the farm. The same practice was also followed
during the previous years.
10. During the year, the company has not written off Deferred Revenue
Expenditure of Rs. 11.89 Lacs as done In the earlier years. Had the
company continued the same accounting practice, the loss for the year
would have been higher by the same amount.
11. During the year the company has not written off Preliminary
Expenditure of Rs. 0.50 Lacs & Share issue expenditure of Rs. 2.71
Lacs. Had the company continued the same accounting practice, the loss
for the year would have been higher by the same amount.
12. Subsidy received from SICOM & MPEDA has been shown as Capital
Reserve.
13. The Debtors, Creditors and Loans and Advances are subject to
Confirmation and reconciliation.
14. Managerial Remuneration under section 198 of the Companies Act,
1956. Remuneration to Managing Director Rs. Nil (Rs. Nil)
15. Figures of the previous year have been regrouped and rearranged
wherever necessary. Figures in brackets relate to previous year.
16. A suit has been filed on the month of June 1999 against the
company by the Banker, Bank of Baroda for the recovery of outstanding
amount with them of Rs. 8,43,04,806/-. The Honourable Court has
appointed the Court receiver on 22nd June 1999 for taking charge of the
fixed assets of the Company.
17. Balance sheet Abstract and Company's General Business Profile as
required under Part IV to schedule VI of the Companies Act.
I. Registration details Registration No. 11-67862
II. State Code : 11 Balance Sheet Date : 31st March 1999
Mar 31, 1998
Details not available in 1998-99 report.
Mar 31, 1996
1. The Term Loan and Working Capital facilities from Bank of Baroda
is secured pari-passu by mortgage on office premises and on farm (pending creation) by deposit of little deeds of the Company's immovable properties and further by a pari-passu charge by way of hypothecation of the entire movable assets of the Company (except book debts) including movable plant and machinery and other assets, both present and future.
2. The above is secured additionally by way of personal guarantee of
all Promoter Directors.
3. The credit facility of-Bank of Baroda is further collaterally secured by a piece of land situated at Malwani, Malad (West), Mumbai owned by a firm in which the Managing Director and the Joint Managing Director are partners.
4. The Stock of Work-in-progress as on 31st March 1996 has been valued at Rs. Nil as, in the opinion of the Company, the stock of Marine Products was aborted in the month of April 1996 and thereafter there was no value of the said stock.
5. The Company has gone in for a crop holiday for the present season
in view of the prevailing viral infection / disease in prawn crops
all over India as advised by the experts in this field.
6. Additional information pursuant to paragraph 4 of part II of
Schedule VI to the companies Act, 1956 are furnished to the extent
applicable.
Mar 31, 1995
Secured Loans:
1.Nature of Security:
a) The Term Loans & Working Capital facilities from Bank is secured
par passu by mortgage on leased office premises and on farm (pending
creation) by deposit of title deeds of the Company's immovable
properties and further by a pari passu charged by way of hypothecation
of the entire movable assets of the Company (except book debts)
including movable plant and machinery and other assets, both present
and future.
b) The above is secured additionally by way of personal guarantee of
all Promoters Directors
2. The hatchery was set up and commissioned on 2nd August, 1994 and
all pre-operative expenses uptil the said date are allocated to
respective assets of hatchery. Similarly farms were put to use on 20th
September, 1994 and pre-operative expenses were capitalised. The
production yield and stocking started from 14th January, 1995 and
hence revenue expenditure between the date of set up and production
yield/stocking were treated as deferred revenue expenditure by the
company to be written off in five equal annual instalments beginning
this year.
3. Figures of the previous year have been regrouped wherever
considered necessary. Figures in brackets relate to previous year.
However, there are no previous year figures for the Profit and Loss
Account as the Profit & Loss Account was not prepared during the
previous year.