5c Estimation of fair value

The company obtains valuations for its investment properties at least once in a three years from a Independent Valuer. The fair values of investment properties have been determined by Prasad & Associates & Techno Design Govt. Registered Valuers & Chartered Engineers. The best evidence of fair value is current prices in an active market for similar properties. The valuer has considered the current prices in an active market for properties of different nature or recent prices of similar properties in less active markets, adjusted to reflect the differences with regard to availability of the infrastructure facilities, locality of the property and market demand for those properties. All resulting fair value estimates for investment properties are included in level 3. However, in case of properties acquired during the year, transaction price is considered as fair value.

B. Rights attached to Equity Shares

The Company has only one class of equity shares having a par value of Rs. 10/- per share. Each holder of equity shares is entitled to one vote per share at the general meetings of the Company. In the event of liquidation of the company, the holders of equity shares are eligible to receive share in the remaining assets of the company after distribution of all preferential amounts in proportion to their share holding. The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting.

Nature of reserves:

a) Securities premium : Securities premium represents premium received on issue of shares. The reserve is utilised in accordance with the provisions of Companies Act, 2013.

b) General reserve : The general reserve is created by way of transfer of part of the profits before declaring dividend pursuant to the provisions of Companies Act, 1956.

c) Capital Reserve: It represents the grant-in-aid received under the Scheme "Integrated Cold Chain and Value addition Infrastructure" from MOFPI of Government of India.

d) Retained earnings : Retained earnings generally represents the undistributed profit amount of accumulated earnings of the company

e) Other Comprehensive Income:

Other Comprehensive Income (OCI) represents the balance in equity for items to be accounted under OCI and comprises of:

A. Items that will not be reclassified to profit and loss

(i) The Company has made an irrevocable election to present the subsequent fair value changes of investments in OCI. This reserve represents the cumulative gains and losses arising on the revaluation of equity instruments measured at fair value including tax effects. The company transfers restated fair value amounts from this reserve to retained earnings when the relevant financial instruments are disposed.

(ii) The actuarial gains and losses along with tax effects arising on defined benefit obligations are recognised in OCI.

(iii) Foreign Currency Translation Reserve relates to exchange differences for investment in Wholly owned foreign subsidiaries as the same are classified as non-integral foreign operations

B. Items that will be reclassified to profit and loss:

(i) The effective portion of changes in fair value of cash flow hedging instruments are recognised in OCI. The accumulated gains/ losses will be reclassified to profit and loss in the periods when the hedged items affects profit or loss.

(F) Other disclosures:

(i) The amounts receivable from customers become due after expiry of credit period which on an average is less than 90 days. There is no significant financing component in any transaction with the customers.

(ii) The Company does not have any remaining performance obligation as contracts entered for sale of goods are for a shorter duration.

Defined Benefit Plans:

The company provides for gratuity to the employees as per Payment of Gratuity Act,1972. Employees who are in continuous service for a period of 5 years are eligible for gratuity. The amount of gratuity is payable on retirement/resignation. The gratuity plan is a funded plan and the company makes contributions to recognised funds in India.

B. The employees' gratuity fund scheme managed by a Trust is a defined benefit plan. The present value of obligation is determined based on actuarial valuation using the "Projected Unit Credit Method" which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

39. M/S Seacrest seafoods inc. (Seacrest). was incorporated in the year 2015, as a wholly owned subsid

iary of the company with an object to import marine products and trade in the USA. Seacrest could not carry its operations profitably, due to COVID and various other factors, like recession, inflation, dumping of sea-foods into USA by Ecuador and South America, resulting in its net-worth has become almost negative as at 31. 03.2024. As per 27 and 36 of Ind AS, the company is required to provide for impairment in respect of the erosion in its net-worth.

However, on 25th April 2024, Seacrest, approached the company, with its offer of “Buy-back" of company's entire investment of 3 million US $ at par, within 6 to 9 months, as Seacrest has entered into a Business collaboration agreement (BCA) with MVP WHOLESALE LLC., on 25th April, 2024 and the company has accepted the said offer. Accordingly, as the company's entire investment will be recovered within a period of 12 months, the board of directors of the company have opinioned that there is no need for making provision in company's books of account for the year ended 31.03.2024.

41. Earnings Per share

Basic earnings per share is computed by dividing the net profit for the period attributable to the equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. The weighted average number of equity shares outstanding during the period and for all periods presented is adjusted for events, such as bonus shares, other than the conversion of potential equity shares that have changed the number of equity shares outstanding, without a corresponding change in resources. For the purpose of calculating diluted earnings per share, the net profit for the period attributable to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects all dilutive potential equity shares.

Note: All the aforesaid related party transactions were carried on arms' length basis

49 Impairment of Assets

According to an internal technical assessment carried out by the Company, there is no impairment in the carrying cost of cash generating units of the Company in terms of Indian Accounting Standard 36 'Impairment Of Assets

53 Balances Outstanding

Loans and Advances, Trade Receivables and Trade Payables are subject to confirmation.

54. Other additional Regulatory information

a. The company has no transactions with struck off companies under section 248 of the Companies Act, 2013 or section 560 of Companies Act, 1956.

b. As per the search report generated from the MCA portal, satisfaction of charges in respect of 2 charges created since 1988, are appearing as "open", though the company has filed the forms towards satisfaction of charges with Registrar of Companies in respect of the same, within the statutory period prescribed under the Act.

c. The Company has compiled with the number of layers as prescribed under clause (87) of the section 2 of the Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.

d. There is no Scheme of Arrangements that has been approved in terms of sections 230 to 237 of the Companies Act, 2013.

e. No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(is), including foreign entities (“Intermediaries") with the understanding, whether recorded in writing or otherwise, that the Intermediary shall lend or invest in party identified by or on behalf of the Company (Ultimate Beneficiaries). The Company has not received any fund from any party(s) (Funding Party) with the understanding that the Company shall whether, directly or indirectly lend or invest in other persons or entities identified by or on behalf of the Company (“Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

f. The company has not granted any Loans or advances in the nature of loans to promoters, directors, KMPs and the related parties (as defined under Companies Act, 2013,) either severally or jointly with any other person, other the three wholly owned subsidiary companies (including one, incorporated out-side India), that are repayable on demand or without specifying any terms or period of repayment.

g. There are no transactions that are not recorded in the books of account and have been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961.

h. The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year

55. Recent Accounting Pronouncements

Ministry of Corporate Affairs (“MCA") has not issued any notifications for new standards or amendments to the the existing standards which will be effective from the reporting periods beginning on or after 1st April 2024.

56. Previous year's figures have been regrouped and rearranged wherever necessary to make them comparable with the current year figures.