2.15 Provision for Liabilities and Charges. Contingent Liabilities and Contingent Assets
The assessments undertaken in recognizing provisions and contingencies have been made in accordance with the applicable Ind AS.
Provisions represent liabilities to the Company for which the amount or timing is uncertain. Provisions are recognized when the Company has a present obligation (legal or constructive), as a result of past events, and it is probable that an outflow of resources, that can be reliably estimated, will be required to settle such an obligation. Provisions are reviewed at each reporting date and are adjusted to reflect the current best estimate.
Provisions are measured at the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking mto account the risks and uncertainties surrounding the obligation.
In the normal course of business, contingent liabilities may arise from litigations and other claims against the Company. Where the potential liabilities have a low probability of crystallizing or are very difficult to quantify reliably, the Company treats them as contingent liabilities. Such liabilities are disclosed in the notes but are not provided for m the financial statements. Although there can be no assurance regarding the final outcome of the legal proceedings, Company does not expect them to have a materially adverse impact on our financial position or profitability. Hie Company does not recognize a contingent liability but discloses its existence m the financial statements.
Contingent assets are not recognized but disclosed in the Financial Statements when an inflow of economic benefits is probable.
2.16 Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable. The Company recognises revenues on sale of products, net of discounts, sales incentives, rebates granted, returns, sales taxes/GST and duties when the products are delivered to customer or when delivered to a carrier for export sale, which is when tide and risk and rewards of ownership pass to the customer.
Export incentives are recognised as income as per the terms of the scheme in respect of the exports made and included as part of export turnover.
Revenue from sales is recognised when control of the products has transferred, being when the products are delivered to the customer, the customer has full discretion over the channel and price to sell / consume the products, and there is no unfulfilled obligation that could affect the customer’s acceptance of the products. Delivery occurs when the products have been shipped to the specific location, the risks of obsolescence and loss have been transferred to the customer, and either the customer has accepted the products in accordance with the sales contract or the acceptance provisions have lapsed.
Revenue from sale of seafood products is recognized at a point m time when the customer obtains control of the promised asset and the company has satisfied its performance obligation The amount of revenue is measured at its transaction price.
Revenue from Construction Projects is recognized over time, upon transfer of control of promised products or services to customers in an amount that reflects the consideration the Company expects to receive, in exchange for those products or services.
Income from export incentives such as drawback and RODTEP are recognized on accrual basis.
Interest income is recognized on a time proportion basis, taking into account the amount outstanding and the rate applicable.
I nterest income
Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset’s net carrying amount on initial recognition.
2.17 Employee benefits
Employee benefits consist of salaries and wages, contribution to gratuity fund, towards medical assistance, festival allowance and other benefits.
Defined benefit plans comprising of gratuity are recognized based on the present value of defined benefit obligations which is computed using the projected unit credit method, with actuarial valuations being carried out at the end of each annual reporting period. These are accounted either as current employee cost or included in cost of assets as permitted.
2.18 Taxation
Income tax expenses for the year comprises of current tax and the net change in the deferred tax asset or liability during the year. It is recognized in the Statement of Profit and Loss except to the extent it relates to a business combination or to an item which is recognized direcdy in equity or in other comprehensive income.
Current Income Tax
Current tax is the expected tax payable /receivable on the taxable income /loss for the year using applicable tax rates at the Balance Sheet date, and any adjustment to taxes in respect of previous years. Interest mcome/expenses and penalties, if any related to income tax are not included in current tax expense.
Current tax assets and current tax Labilities are offset when there is a legally enforceable right to set off the recognized amount and there is an intention to settle the asset and liabiUty on net basis.
Deferred Tax
Deferred income tax is recognized using the Balance Sheet approach. Deferred income tax assets and Labihties are recognized for deductible and taxable temporary differences arising between the tax base of assets and liabiLties and their carrying amount, except when the deferred income tax arises from the initial recognition of an asset or liabiUty in a transaction that is not a business combination and affects neither accounting nor taxable profit or loss at the time of the transaction.
Deferred tax assets are recognized only to the extent that it is probable that either future taxable profits or reversal of deferred tax liabiLties will be available, against which the deductible temporary differences, and the carry forward of unused tax credits and unused tax losses can be utiUzed.
The carrying amount of a deferred tax asset shall be reviewed at the end of each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.
Deferred tax assets and deferred tax liabiLties are offset when there is legally enforceable right to set off deferred tax assets against deferred tax liabiLties; and the deferred tax assets and the deferred tax liabiLties relate to the income taxes levied by the same taxation authorities.
Deferred tax assets and LabiLties are measured at the tax rates that are expected to apply in the year when the asset is realized or the liabiUty is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date
2.19 Earnings per Share
The Company presents basic and diluted earnings per share (“EPS”) data for its equity shares. Basic EPS is calculated by dividing the profit and loss attributable to equity shareholders of the Company by the weighted average number of equity shares outstanding during the period. Diluted EPS is determined by adjusting the profit and loss attributable to equity shareholders and the weighted average number of equity shares outstanding for the effects of all dilutive potential equity shares. The Company did not have any potentially dilutive security in any of the years presented.
2.20 Segment Reporting
Operating segments are defined as components of an enterprise for which discrete financial information is available that is evaluated regularly by the Chief Operating Decision Maker, in deciding how to allocate resources and assessing performance. The Company's chief operating decision maker is the Managing Director.
The Company has identified business segments as reportable segments. The Business segment comprise 1) Infrastructure 2) Aquaculture
Segment revenue, segment expenses, segment assets and segment liabiLties have been identified to segments on the basis of their relationship to the operating activities of the segment. Revenue,
expenses, assets and liabilities which relate to the company as a whole and are not allocable to segments on a reasonable basis have been included under “unallocated
revenue / expen ses /'assets / Labilities’ ’
2.21 Statement of Cash Flows
Cash flows are reported using indirect method as set out m Ind AS -7 “Statement of Cash Flows”, whereby profit / (loss) before 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. For the purpose of statement of cash flow, Cash and cash equivalent comprise cash at banks and cash on hand.
2.22 Leases
The Company recognises a nght-of-use asset and a lease liability at the lease commencement date. The nght-of-use asset is initially measured at cost, which comprises the initial amount of the lease Lability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received.
The nght-of-use asset is subsequendy depreciated using the straight-line method from the commencement date to the end of the lease term.
The lease Labihty is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the Company's incremental borrowing rate. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company's estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liabiLty is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the nght-of-use asset has been reduced to zero.
The Company has elected not to recognise right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The Company recognises the lease payments associated with these leases as an expense over the lease term.
2.23 Prior period adjustment
Prior period adjustments due to errors, having material impact on the financial affairs of the Company, are corrected retrospectively by restating the comparative amounts for prior periods presented in which the error occurred or if the error occurred before the earLest period presented, by restating the opening statement of financial position.
2.24 Recent accounting pronouncements - Standards issued but not yet effective
Recent Accounting Developments Ministry of Corporate Affairs (“MCA”) notifies new standards or amendments to the existing standards. There is no such notification which would have been appLcable fiom April 1M, 2024.
Note 39.2
Capital Management
The Company's objective for capital management ts to maximise share hoWer value. safeguard bushess continurtyand support the gowth of the company. The Company determines the capital requirement based on annual operating plans and long term and other strategic investment plans. The funding requirements are met through a mixture of eqiaty, hternalfund generation and bonowed funds. The Company's policy is to use short term and long term borrowings to meet an tic pat ed funding requirements.
Fair Value Measurements (0 Fair Value Hierarchy
FinandaJ assets and financial liabilities measured at fair value in tte statement offinanciaJ position are grouped into three levels of a fair vabe hierarchy. Tte three levels are defined based on tte observability of signi bcant inputs to the measurement as follows:
Level 1: Quoted prices (unadjusted) in active markets for financial instruments.
Level 2:The fair value offinancial instrimsnts that are not tiacted in an active market is determined using valuation techniques which maximise the u se of observable market data rely as little as possible on entity spec ific estimates.
Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in
Financial Risk Management Policy
Financial Risk Management Objective and Policies:
Hie Company'; principal financial liabilities comprise of loan; and borrowings, trade and other payables and advances from customers. Hie main purpose of these financial liabilities is to finance the Company's operations, projects under implementation and to provide guarantees to support its operates. Hie Company's principal financial assets include Investment, loans and advances, trade and other receivables and cash and bank balances that derive directly from its operations. He Company is exposed to market risk, credit risk and liquidity risk. He Company s senior management oversees the management of these risks. He Board of Directors revivers and agrees policies for managing each of these nsks, which are summarised below.
Market Risk
Market risk is the risk that the fair value of future cash flours of financial assets trill fluctuate because of changes in market prices. Market risk comprises three types of risk* interest rate nsk. currency risk and other price risk. Financial Assets affected by market nsk include loans and borrowings and deposits.
Foreign Currency Risk
He Company's functional currency is Indian Rupees. The company undertakes transactions denominated in foreign currencies, consequently,exposure to exchange rate fluctuations arise.Foreign Currency Risk is the risk that the fair value or future cash flours of an exposure trail fluctuate because of changes in foreign exchange rates. He Company's exposure to the risk of changes in foreign exchange rates relates primarily to the Company's operating activities (when revenue ox expense is denominated in a foreign currency).
Foreign currency risk of the company is managed through a properly documented risk management pokey approved by die board.
Interest Rate Risk
Interest rate risk is the risk that the fair value ox future cash flours of a financial instrument will fluctuate because of change; in market interest rates. He Company's exposure to the risk of changes in market interest rates relates primarily to the Company's short term debt obligations with floating interest rates.
Credit Risk Management
Credit Risk is the nsk that a counter party will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to a credit risk from its operating activities( primarily trade receivables and advances to suppliers) and from its financing activities, including deposits with banks and financial institutions, foreign exchange transactions and other financial instruments.
Liquidity Risk Management
Liquidity risk refers to the risk of financial distress or extraordinary high financing costs arising due to shortage of liquid funds in a situation where business conditions unexpectedly deteriorate and requiring financing. The Company requires funds both for short term operational needs as well as for long term capital expenditure growth projects. He Company generates sufficient cash flow for operations, which together with the available cash and cash equivalents and short term investments provide liquidity in the short-term and long-term.
Mote-30.7
Cfedoam f\jeuantto Sutton 1M(4 C* Tha Coitparias Ad.xn3
Tha Canpany ha;not m»j© any Imrctmant cr gManany toan cr gixrartoa as cowed uretorSe-cdon 1B6 of CCntpankas Ac\2013l Mote -30A
Cfcctoara urdarMlcn>.Snalland M#im Enteeprt©; Oavefcpmar* Act XOS
QauM 22 of OeptieV cf tha Micro, Smal and Mtttun Enteodsas Cweiopmant Ad, 2 03 6, reqilr© Wkwhg addtfcnal Irfomatten Intha Anrwal Statanent cf Aaourts
(I Prttdpal amount remahhg urpaUto any ajppfcar at tha ard dm©acccundrq yaar- Nil
<$ hteroa da© thareon »aminhg utpaH toanysuppike attha end eftha aaourtlng y&ar-NI
(lOTha arreuntd tWuvZ paid afcng wlh m© amourts oftha paymant rr&j© totha applart»ycrdtha ap pentad day- N1
<M;Tha arreuntef nter&SdJ© ard payadka formeyoar-Nl
M Tha aitount of Intaiastacauad and remind utpaM at m©ardcfm©xccundr»gyaar-W
CvfcTha arreuntef lirmcc htecoacljeand paryaftla ©van hmesuccBedItg y©ar, untl such dal© when th© hterast dj©sasaPov©aia actually paid -Nl
Corrparr/ fas not ixcted any Irrtnrcttcn tom !ajpl«5r*3a»*>9staticurdMita Hat* Sn-al ard IteJintEntarplMsCfcveWra* Act. iXfcto met tie above notional dKloaircraojIiamartsmcard henca dtctoaias rary, r©qut«lut(tarmfialdAdhave retboan^ven.
Mote 30.0
Thar© was no dMtftnd »arrttl©d Infcrokjn curia ncy Adnj th© ywr aniadMarchil.2024 and March 31.2023.
Nixc 42.1 Detail* of Benami Property
No pcDCtnlingi h»w been ritulni apimt the Conyiny for bokh^ my brnuri property under the Beumi Transaction* (PtohAsbai) Act, 1988 (45 of 1988) end mlri made thereunder m the firunnaJ year ended fdirch 31, 2324 end March 31, 2023.
Note 42.2 Wilful Defaulter
TVe Company he* not been declared a wslfid ddeillrr by any bank or fnanaai institution or odier lender n the fmanaal year ended March 31, 2024 and fdaidi 31,
2023.
Note 42.3 Relational*)) with atrad off Companies
IV-e Company baa no transactKeia with the romp an* a strode off under mtKei 248 of the Coopanai Act, 2013 or eectoo 560 of hr Comparers Ad, 1956.
Note 42.4 Rcgiatratiou of charge* or satisfaction with Registrar of CompaiM (ROC)
AC charges or Mbtfacban are registered mlb ROC within the statutory penod for the fmanaal year ended March 31, 2024 and March 31, 2023 except for charge in favour of Paul Depots! amounting to R*.77,95,893.
Note 42.5 Cumpliaaa with number of layer* of companac*.
Hm Company haa complied wsdi the number of layer* prescribed under druse (87) of secbem 2 of the Art read with Companies (Restncbon on number of layer*. Rule., 201? for the financed year ended March 31, 2024 and March 31, 2023.
Note 42.6 Compliance with apjieovcd •chcnic(a) of arrange men!»
rbe Company haa not entered mto any Scheme of Amngement* which require* the approval of the Coexpetmt Au&ionfy in trrma of sections 230 to 23? of hr Companies Act, 2013 for the fmanaal years ended March 31, 2024 and March 31, 2023.
Note 42.7 Disclosure under Rule 11(e) of the Ccenpusuca (Audit and Aushtor*) Rulca, 2014
No funds have been advanced or loaned or invested (odier from borrowed lunda or share premram or any other sources or kind of hands) by the Cccnpany to or in any other person^) or enWy'iea)', mduluig foregn entities {"'Intermediaries’*) with the understanding whether recorded n writing or odierwise, that the Intermediary shall lend or invest in party sdentibod by or cei behalf of die Company (Ultsnate Benehoanrs).
Ihe Company haa not weaved any hand from any partyfs) (Fundmg Party) with the ursderrtandmg that die Company shall whether, directly or indirectly lend or invest an other personi or entities iden*f>ed by or on behalf of the Company ^Ultimate Beneficiaries*) or provsde any pamtre, aecunty or the take on behalf of the IXtsnate Benehoanes.
Note 42.8 I Widsscioscd income
Ha company does not have any transaebnn whch it not mxeded in the books of accounts but haa bean vurrendered or disclosed as income ckanng the year n tax assesenent* under the Inocene Tax Art, 1961.
Note 42.9 Detail* of Crypto Currency or Virtual Currency
the Company haa not traded or inverted m Crypto currency or Virtual Currency during the fmanaal years ended March 31, 2324 and March 31, 2023.
NM4XI
Rjurw in bcsdtwt* dnoln wgrtivi fijus*».
Nm4U
Kiiino rfv>wri uaiW Trui* lUoivablM, Tr*d» Payable* aid AdvncM for Ptop.1* u» nibjed to confitmabcei end roan^umt lacondliibon, if any Note 4X3
T>»* (oofcif hea opted to «Md» the option permitted under Mction 11SBAA of the Income Tax Act, 1961 u intxoducwd by th* Tmfeoa Iavi (Anvndnmt) Act, 20l9.Accor<£ng}y, the Conpany haa no^niMd pcovsoon for Inocene Tax for the mr kvW on March 31, 2024 and ran*aaund its deferred tax uitti/Uahilfr on the bans of da ntM pceecxsbed in th* tad taction.
Mote 4X4
Pr**/Krji year*t %ini Km ban n^touptd/mriiRpd, tfamw n*c*i airy to oxifiim to currant jWi cimifiotco/dtcotu*.
A» per our report of even date
Foe Fliaa Geoejfe 6t Co For and on behalf of the Board Of Director*
Chartaevd Accountants
FRN : OCC601S
td/“ «!/- tel/-
Vaibhav .T. Vod Shaji Baby John Baby John Shaji
(Partner) Oojnran & Marking Director Joint Mar-apn£ Director
Membecahip No. 235912 DIN: 01018603 DiN: CLM98602
•d/- *1/- •<!/-
Baiafopalan Vehyalh (.albert Ayliaalaai Nandi tier T
'Xhoie - Tima Director Qnef Financial Officer Coerpany Secretary
DfN: C62S4460 Meenb no. 45148
Haoa F.matulam
Data 30/05/2024_
|