Uniroyal Marine Exports Ltd. कंपली की लेखा नीति

Mar 31, 2026

1 Corporate information

Uniroyal Marine Exports Limited (‘the Company’) is domiciled and incorporated in India [CIN: L15124KL1992PLC006674] having its registered office at at 11/19, Chamancheri, Vengalam P.O., Calicut Dist., PIN - 673303, Kerala India.. The Company’s equity shares are listed and traded on BSE Limited.The company is primarily engaged in the business of purchasing, processing, curing, canning, freezing, selling, exportingand dealing in marine products.

2 Basis of preparation

2.1 Statement of Compliance

The Financial Statements have been prepared in accordance with the Indian Accounting Standards (referred to as “Ind AS”) as prescribed under Section 133 of the Companies Act, 2013 read with Companies (Indian Accounting Standards) Rules as amended from time to time and the presentation requirements of Division II of Schedule III to the Companies Act, 2013, (Ind AS compliant Schedule III), as applicable to the financial statements.

The Company has adopted Ind AS during Financial Year 2016-17 in accordance with Ind AS 101 (First time adoption of Indian Accounting Standards). The transition was carried out from Generally Accepted Accounting Principles in India [Indian GAAP-Accounting Standards (AS)] as prescribed under Section 133 of the Companies Act, 2013, read with Rule 7 of the Companies (Accounts) Rules, 2014.

2.2 Basis of measurement

The Financial Statements have been prepared on going concern basis on the historical cost convention using accrual system of accounting except for certain assets and liabilities which are measured at fair value / amortized cost / net present value at the end of each reporting period, as explained below.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

The Financial Statements are presented in Indian Rupees and all values are rounded off to the nearest two decimal lakhs except otherwise stated.

2.3 Current and Non current classification

All Assets and Liabilities have been classified as current or non-current as per the Company’s normal operating cycle (same has been assumed to have duration of 12 months) and other criteria set out in Ind AS - 1 “Presentation of Financial Statements” and the Schedule III to the Companies Act, 2013.

2.4 Application of new and revised Indian Accounting Standards

All the Indian Accounting Standards issued under Section 133 of the Companies Act, 2013 and notified by the Ministry of Corporate Affairs under the Companies (Indian Accounting Standards) Rules, 2015 (as amended) till the financial statements are approved have been considered in preparing these Financial Statements.

In accordance with the amendments to the Indian Accounting Standards (Ind AS) effective April 1, 2023, the Company is now disclosing only material accounting policy information in its financial statements, instead of significant accounting policies as required previously. This change aligns the Company''s disclosure practices with the updated Ind AS framework and does not affect the financial statements themselves.

2.4.1 The Ministry of Corporate Affairs (MCA), through Companies (Indian Accounting Standards) Second Amendment Rules, 2025 has notified the amendments to Ind ASs regarding ‘Classification of Liabilities as Current or Non-current and Non-current Liabilities with Covenants’ which the company has not applied as they are effective from April 1, 2026. These amendments are not expected to have a material impact on the company.

As on the reporting date, there were no other new Indian Accounting Standards (Ind AS) issued by the Ministry of Corporate Affairs (MCA) which would have been applicable from April 1, 2026.

3 Material Accounting Policies

3.1 Property, Plant and Equipments (PPE)

3.1.1 Recognition

Property, Plant and Equipment including Capital Work in Progress (CWIP) are stated in the Balance Sheet at cost, less accumulated depreciation and accumulated impairment losses, if any.

The Company has elected to use the exemption available under Ind AS 101 to continue the carrying value for all of its Property, Plant and Equipment as recognized in the financial statements as at the date of transition to Ind AS, measured as per the previous GAAP and use that as its deemed cost as at the date of transition (1st April 2015).

3.1.2 Cost of Property, Plant and Equipment

Parts of an item of PPE which are having different useful life and cost of which can be measured reliably are accounted as separate components.

In respect of the capital goods common for both GST and GST exempted products, the GST input tax credit is taken on the eligible portion based on GST and non-GST product ratio in the month of accounting and the ineligible portion is capitalized. Subsequently, this ratio is reviewed every month as per the GST provisions and the differential GST amount (if any) arising due to changes in the ratio is capitalized when it is beyond the materiality threshold .

3.1.3 Useful life

The useful life of PPE and their components are either based on useful life as stated in Schedule II to the Companies Act, 2013 or based on technical assessment by the Company.

The estimated useful life is reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

Estimated useful life of the Assets are as follows:

Sl. No.	Particulars	Useful life
1	Buildings	30 years
2	Plant and Machinery	10 years
3	Processing Equipments	15 years
4	Laboratory Equipment	10 years
5	Office Equipment	5 years
6	Electrical Fittings	10 years
7	Furniture and fittings	10 years
8	Motor Lorries	8 years
9	Motor Cars	8 years
10	Library	5 years
11	Computers and data processing units	3 years

3.1.4 Residual Value

The Company has assessed the estimated residual value of its Property, Plant and Equipment and has adopted the same as prescribed in Schedule II i.e. up to 5%.

3.1.5 Depreciation

Depreciation is provided on the cost of PPE (other than Freehold Land and Properties under construction) less their residual values over their useful lives, using Straight Line Method.

Depreciation on stores and spares which are capitalised as Property, Plant and Equipment are depreciated over the period starting when it is available for use i.e. from date of acceptance of material and continuing over the shorter of its useful life or the remaining expected useful life of the asset to which it relates.

Depreciation on additions to PPE during the year is provided for on a pro-rata basis with reference to the date of additions.

Depreciation on subsequent expenditure on PPE arising on account of capital improvement or other factors is provided for prospectively over the remaining useful life.

The Company depreciates significant components of the main asset (which have different useful lives as compared to the main asset) based on the individual useful life of those components.

3.1.3 Derecognition

An item of Property, Plant and Equipment is derecognised upon disposal or when no future economic benefits are expected from its use or disposal. The gain or loss arising on de-recognition of an item of Property, Plant and Equipment is determined as the difference between the net disposal proceeds (if any) and the carrying amount of the item.

In the event of replacement of spare, the written down value of the old spare is charged to the Statement of Profit and Loss as and when replaced.

3.2 Impairment of Non-Financial Assets

The Company reviews the carrying amounts of its Non-financial assets other than inventories, deferred tax assets, non-current assets classified as held for sale and goodwill at the end of each reporting period to determine whether there is any significant indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the Cash Generating Unit (CGU) to which the asset belongs.

Recoverable amount is the higher of fair value less costs of disposal and value in use.

Fair value less cost of disposal are determined in line with ‘Fair Value Measurement’.

In assessing value in use, the estimated future cash flows are discounted to their present value using a pretax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

3.3 Inventories

Inventory of finished goods valued at lower of cost and net realizable value, inventory of raw material valued at cost and stores, spares, consumables and packing materials are value at cost less amoutn written off . Cost of inventories comprises of purchase cost and other costs incurred in bringing inventories to their present location and condition. The cost formula is as under:

Raw Materials	First in First Out (FIFO)
Finished Goods	First In First Out (FIFO)
Stores and Spares including packing materials	First In First Out (FIFO)

Cost of Finished Goods is determined based on Raw Material cost and Conversion Cost.

Obsolete, Slow Moving, Surplus and Defective Stocks are identified at the time of physical verification of stocks and where necessary, provision is made for such stocks.

3.4 Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity. Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the instruments.

A financial asset is any asset that is either cash or an equity instrument of another entity or a contractual right to receive cash or another financial asset from another entity or to exchange financial assets or financial liabilities with another entity under conditions that are potentially favourable to the entity or a contract that will or may be settled in the entity’s own equity instruments and is a non-derivative for which the entity is or may be obliged to receive a variable number of the entity’s own equity instruments.

A financial liability is any liability that is a contractual obligation to deliver cash or another financial asset to another entity or a contract that will or may be settled in the entity’s own equity instruments and is a nonderivative for which the entity is or may be obliged to deliver a variable number of the entity’s own equity instruments.

An Equity Instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities.

3.4.1 Initial Recognition and Measurement

Financial Assets and Financial Liabilities are initially measured at fair value. However, trade receivables that do not contain a significant financing component are measured at transaction price. Transaction costs that are directly attributable to the acquisition or issue of Financial Assets and Financial Liabilities (other than Financial Assets and Financial Liabilities at fair value through profit or loss) are added to or deducted from the fair value of the Financial Assets or Financial Liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of Financial Assets or Financial Liabilities at Fair Value through profit or loss (FVTPL)are recognised immediately in Statement of Profit and Loss .

3.4.2 Subsequent Measurement Financial Assets

All recognised Financial Assets are subsequently measured in their entirety at either amortised cost or fair value, based on the business model for managing the financial assets and the contractual cash flow characteristics.

i) Financial Assets at amortised cost

Financial Assets are subsequently measured at amortised cost using the effective interest method if these financial assets are held within a business whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the Financial Asset give rise on specified dates to Cash Flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

ii) Financial Assets at Fair value through Other Comprehensive Income (FVOCI)

Financial Assets are measured at fair value through Other Comprehensive Income if these Financial Assets are held within a business whose objective is achieved by both selling Financial Assets and collecting contractual Cash Flows, the contractual terms of the Financial Asset give rise on specified dates to Cash Flows that are solely payments of principal and interest (SPPI) on the principal amount outstanding.

iii) Financial Assets at Fair value through Profit or Loss (FVTPL)

Financial Assets are measured at fair value through profit or loss unless it is measured at amortised cost or at fair value through Other Comprehensive Income.

After initial measurement, any fair value changes including any interest income, impairment loss and other net gains and losses are recognized in the Statement of Profit and Loss.

iv) Cash and Cash Equivalents

The Company considers all highly liquid financial instruments, which are readily convertible into known amounts of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be Cash Equivalents. Cash and Cash equivalents consist of balances with banks which are unrestricted for withdrawal and usage.

Financial Liabilities

i) Financial liabilities at amortised cost:

Financial Liabilities are measured at amortised cost at the end of subsequent accounting periods. The carrying amounts of Financial Liabilities that are subsequently measured at amortised cost are determined based on the Effective Interest method. Interest expense that is not capitalised as part of costs of an asset is included in the ''Finance Costs'' line item.

_ii) Financial liabilities at fair value through profit or loss

Financial liabilities at fair value through profit or loss include derivatives. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss.

iii) Equity Instruments

Equity instruments issued by the Company are recognised at the proceeds received. Incremental costs directly attributable to the issuance of new ordinary equity shares are recognized as a deduction from equity, net of tax effects.

3.4.3 Impairment Financial Assets

The Company assesses at each Balance Sheet date whether a Financial Asset or a group of Financial Assets is impaired. Ind AS 109 requires expected credit losses to be measured through a loss allowance. The Company recognises lifetime expected credit losses for trade receivables that do not constitute a financing transaction. For all other financial assets, expected credit losses are measured at an amount equal to 12 month expected credit losses or at an amount equal to lifetime expected losses, if the credit risk on the financial asset has increased significantly since initial recognition.

3.4.4 De-recognition Financial Assets

The Company derecognises a Financial Asset when the contractual rights to the cash flows from the asset expire, or when it transfers the Financial Asset and substantially all the risks and rewards of ownership of the asset to another party.

On derecognition of a Financial Asset in its entirety, the difference between the asset’s carrying amount and the sum of the consideration received and receivable is recognised in the Statement of Profit and Loss.

Financial Liabilities

The Company derecognises Financial Liabilities when, and only when, the Company’s obligations are discharged, cancelled or have expired. The difference between the carrying amount of the Financial Liability derecognised and the consideration paid and payable is recognised in the Statement of Profit and Loss.

3.5 Provisions, Contingent Liabilities, Contingent Assets and Commitments Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. If the effect of time value of money is material and a reliable estimate of timing of future outflow of resources can be made, provisions are discounted using an appropriate pre-tax discount rate. When discounting is used, the increase in provision due to the passage of time is recognized as a Finance Costs.

Contingent Liabilities

Contingent liabilities are possible obligations whose existence will only be confirmed by future events not wholly within the control of the Company, or present obligations where it is not probable that an outflow of resources will be required or the amount of the obligation cannot be measured with sufficient reliability.

These are disclosed on the basis of judgment of the management / independent experts in the Financial Statements by way of Notes to Accounts, unless possibility of an outflow of resources embodying economic benefit is remote and are reviewed at each balance sheet date to reflect the current management estimate.

Contingent Assets

Contingent assets are disclosed in the Financial Statements by way of Notes to Accounts when an inflow of economic benefits is probable and are reviewed at each balance sheet date to reflect the current management estimate.

Commitments

Capital and Other Commitments disclosed are in respect of items which in each case are above the materiality threshold limit .

3.6 Revenue Recognition

3.6.1 Revenue from sales of goods and services are recognized upon the satisfaction of a performance obligation, which occurs when control transfers to the customer. Control of the goods is determined to be transferred to the customer when the title of goods passes to the customer, which typically takes place when product is physically despatched no significant uncertainty exists regarding the amount of consideration that will be derived from the sale of goods. Export Sales are accounted for as and when Sale Invoices are raised and goods are dispatched out of factory as per RBI reference rate on the date of invoice. The difference if any between negotiation / realization rate and exchange rate of invoice is accounted as foreign exchange difference on receipt of particulars from negotiating bank.

3.7 Employee Benefits

Employee benefits include salaries, wages, contributory provident fund, Employees State Insurance and gratuity.

3.7.1 Short Term Employee Benefits

All short term employee benefits are recognized at their undiscounted amount in the accounting period in which they are incurred.

3.7.2 Post-Employment benefits Defined Contribution Plans

Employee Benefit under defined contribution plans comprising Contributory provident fund is recognized based on the undiscounted amount of obligations of the Company to contribute to the plan.

Defined Benefit Plans

Defined employee benefit plans comprising of gratuity, post-retirement medical benefits and other terminal benefits, are recognized based on the present value of defined benefit obligation 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.

Net interest on the net defined liability is calculated by applying the discount rate at the beginning of the period to the net defined benefit liability or asset and is recognised in the Statement of Profit and Loss except those included in cost of assets as permitted.

Remeasurement of defined retirement benefit plans, comprising actuarial gains and losses, the effect of the changes to the asset ceiling (if applicable) and the return on plan assets (excluding net interest as defined above), are recognized in other comprehensive income except those included in cost of assets as permitted in the period in which they occur and are not subsequently reclassified to profit or loss.

3.8 Borrowing cost

Borrowing or Finance costs consists of interest and other costs incurred in connection with the borrowing of funds.

Borrowing costs specifically identified to the acquisition or construction of qualifying assets are capitalized as part of such assets. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. Capitalization of borrowing costs is suspended when active development of the qualifying asset is interrupted other than on temporary basis and charged to the statement of Profit and Loss during such extended periods. All other borrowing costs are charged to the Statement of Profit and Loss in the period in which they are incurred.

3.9 Foreign Currency Transactions

Transactions in currencies other than the Company’s Functional Currency (foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of each reporting period, monetary items denominated in foreign currencies are translated using closing exchange rate prevailing on the last day of the reporting period.

3.10 Income Tax

Income Tax Expense represents the sum of the Current Tax and Deferred Tax.

(i) Current Tax

The tax currently payable is based on Taxable Profit for the year together with any adjustment to tax payable in respect of previous years. The Company’s Current Tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Current Income Tax Assets and Liabilities are measured at the amount expected to be recovered from or paid to the taxation authorities.

(ii) Deferred Tax

Deferred Tax is provided using the Balance Sheet method and is recognized on temporary differences between the carrying amounts of Assets and Liabilities in the Financial Statements and the corresponding tax bases used in the computation of taxable profit.

The carrying amount of Deferred Tax Assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Any such reduction shall be reversed to the extent that it becomes probable that sufficient taxable profit will be available.

At the end of each reporting period, unrecognised deferred tax assets are reassessed to recognise a previously unrecognised deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Deferred Tax Liabilities and Assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

The measurement of Deferred Tax Liabilities and Assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its Assets and Liabilities.

Deferred Tax Assets include Minimum Alternative Tax (MAT) paid in accordance with the tax laws in India, which is likely to give future economic benefits in the form of availability of set off against future income tax liability. Accordingly, MAT is recognised as Deferred Tax Asset in the Balance Sheet when the asset can be measured reliably and it is probable that the future economic benefit associated with asset will be realised.

Current and Deferred Tax for the year

Current and Deferred Tax are recognised in Statement of Profit and Loss, except when they relate to items that are recognised in Other Comprehensive Income or directly in equity, in which case, the Current and Deferred Tax are also recognised in Other Comprehensive Income or directly in Equity respectively.

3.11 Statement of Cash Flows

Statement of Cash Flows are reported using the indirect method, whereby Profit After Tax is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with Investing or Financing activities. The Cash Flows are segregated into Operating, Investing and Financing activities.

4 Critical Accounting Judgments, Assumptions and Key Sources of Estimation Uncertainty

Inherent in the application of many of the Accounting Policies used in preparing the Financial Statements is the need for management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the reported amounts of revenues and expenses. Actual outcomes could differ from the estimates and assumptions used.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and future periods are affected.

Key source of judgments, assumptions and estimation uncertainty in the preparation of the Financial Statements which may cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year, are in respect of useful lives of Property, Plant and Equipment, Employee Benefit Obligations, Provision for Income Tax and measurement of Deferred Tax Assets.

4.1 Critical judgments in applying accounting policies

The following are the critical judgements, apart from those involving estimations , that the Management have made in the process of applying the Company''s accounting policies and that have the significant effect on the amounts recognized in the Financial Statements.

i) Determination of Functional Currency

Currency of the primary economic environment in which the Company operates (“the Functional Currency”) is Indian Rupee in which the company primarily generates and expends cash. Accordingly, the management has assessed its Functional Currency to be Indian Rupee ^).

4.2 Assumptions and key sources of estimation uncertainty

Information about estimates and assumptions that have the significant effect on recognition and measurement of assets, liabilities, income and expenses is provided below. Actual results may differ from these estimates.

i) Useful life of Property, Plant and Equipment and Intangible Assets

Management reviews its estimate of the useful lives of PPE and Intangible Assets at each reporting date, based on the future economic benefits expected to be consumed from the Assets.

ii) Defined Benefit Obligation (DBO)

Management’s estimate of the DBO is based on a number of critical underlying assumptions such as standard rates of inflation, medical cost trends, mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may significantly impact the DBO amount and the annual defined benefit expenses.

iii) Provision for Income Tax

Significant judgements are involved in determining the provision for Income Taxes, including amount expected to be paid/recovered for uncertain tax positions.

iv) Recognition of Deferred Tax Assets

The extent to which Deferred Tax Assets can be recognized is based on an assessment of the probability of the Company’s future taxable income against which the Deferred Tax Assets can be utilized. In addition, significant judgement is required in assessing the impact of any legal or economic limits or uncertainties.

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Mar 31, 2025

a) Property, Plant and Equipment-

Property, plant and equipment are stated at cost of acquisition less accumulated
depreciation and impairment losses. Cost comprises the purchase price and any
directly attributable costs of bringing the assets to their working condition for its
intended use. Subsequent costs are included in the asset''s carrying amount or
recognized as a separate asset, as appropriate, only when it is probable that future
economic benefits associated with the item will flow to the Company and the cost of
the item can be measured reliably. All other repairs and maintenance cost are charged
to the Statement of Profit and Loss during the period in which they are incurred.

Gains or losses arising on retirement or disposal of property, plant and equipment
arerecognised in the Statement of Profit and Loss.

Property, plant and equipment which are not ready for intended use as on the date of
Balance Sheet are disclosed as "Capital work in-progress".

b) Depreciation:-

a. Depreciation on Fixed Assets is provided based on the useful life of the asset in the
manner prescribed in Schedule II to the Companies Act, 2013 in accordance with the
straight line method of depreciation

b. Intangible Assets are recognized only when future economic benefits arising out of
the assets flow to the enterprise and are amortized over their useful life ranging
from 3 to 5 years.

c. Cash generating units / Assets are assessed for possible impairment at balance sheet
dates based on external and internal sources of information. Impairment losses, if
any, are recognized as an expense in the statement of Profit & Loss. No provision is
made for impairment loss during the year.

d. The estimated useful lives, residual values and depreciation method are reviewed at
the end of each reporting period, with the effect of any changes in estimate accounted
for on a prospective basis.

e. The range of useful lives of the property, plant and equipment are as follows:

a) Plant and Machinery - 10 years

b) Furniture and fixtures -10 years

c) Office Equipments - 5 years

d) Factory Building - 30 years

e) Vehicles - 8 years

c) Inventory:-

a. Finished goods are valued at cost or net realizable value whichever is lower and raw
material is at cost as certified by the management based on FIFO method. Cost
includes all charges incurred for bringing the goods to the point of sales.

b. Consumables, Stores and Packing Materials are valued at cost less amount written
off. The cost formula used is First InFirst Out.

d) Revenue Recognition-

Sale of goods is recognized at the point of dispatch of finished goods whereby all
significant risks and rewards of ownership have been transferred to the buyers and no
significant uncertainty exists regarding the amount of consideration that will be derived
from the sale of goods.

Export Sales are accounted for as and when Sale Invoices are raised and goods are
dispatched out of factory as per RBI reference rate on the date of invoice. The
difference if any between negotiation / realization rate and exchange rate of invoice is
accounted as foreign exchange difference on receipt of particulars from negotiating
bank.

Company is entitled for Duty Draw Back on of Exports done. Accordingly, income on
account of Duty Draw Back is recognized for Sale Invoices raised up to March 31,
2024at the applicable rate.

Company is also entitled for Remission of Duties and Taxes on Exported Products
scheme (RODTEP) which is introduced from January, 2021. The incentive is in the
form of grant of Duty Credit Scrip from D.G.F.T. The said Scripts are in turn,
encashed by way of sale to importers at agreed rate. Accordingly, the entitlement of
scrips which are saleable is recognised as income on accrual basis at percentage
prevailing in the market as at end of the year.

e) Employeesbenefits:-

Retirement benefits: Defined benefit plans -

Contributions to defined contribution schemes such as Provident Fund and ESI are
charged to the Profit and Loss Account as incurred. The company also provides for
retirement and post-retirement benefits in the form of gratuity and leave encashment.
Such defined benefits are charged to the Profit and Loss Account based on valuations,
as at the balance sheet date. Provision for gratuity liability has been made on the basis
of independent actuarial valuation and the same is not funded.Encashment of leave is
charged off at the undiscounted amount in the year in which the related services are
rendered.

f) Financial Assets

The Company classifies its financial assets at amortized Costonly if both of the
following criteria are met:

the asset is held within a business model whose objective is to collect the
contractual cash flows, and

the contractual terms give rise to cash flows that are solely payments of
principal and interest

Financial assets classified at amortised cost comprise trade receivables,
loans and security deposit.

g) Trade Receivables

Trade receivables are amounts due fromcustomers for goods sold or services
performed in the ordinary course of business and reflect the Company''s
unconditional right to consideration (that is, payment is due only on the passage of

time). Trade receivables are recognised initially at the transaction price as they do
not contain significant financing components. The Company holds the trade
receivables with the objective of collecting the contractual cash flows and therefore
measures them subsequently at amortised cost using the effective interest method,
less loss allowance. For trade receivables and contract assets, the company applies
the simplified approach required by IndAS 109, which requires expected lifetime
losses to be recognised from initial recognition of thereceivables.

2.3 Other Accounting Policies

a) Borrowing costs: -

Borrowing costs that are directly attributable to the acquisition or construction of a
qualifying asset were capitalized as part of the cost of that asset till such time the asset
is ready for its intended use.

There are no borrowing cost during the year.

b) Impairment of Assets:-

At each balance sheet date, the Company assesses whether there is any indication that
an asset may be impaired. If any such indication exists, the Company estimates the
recoverable amount. The recoverable amount is the greater of the asset''s net selling
price and value in use. No such adjustments have been made during the year under
consideration. In assessing value in use, the estimated future cash flows are discounted
to their present value at the weighted average cost of capital. If the carrying amount of
the assets exceeds its recoverable amount, an impairment loss is recognized in the
Profit and Loss Account to the extent the carrying amount exceeds the recoverable
amount.

c) Depending on the facts of each case and after studying the legal implications, the
Company makes a provision when there is a present obligation as a result of a past
event where the outflow of economic resources is probable and a reliable estimate
of the amount of obligation can be made. Provisions are measured at the best
estimate of the expenditure required to settle the present obligation at the balance
sheet date. The disclosure is made for all possible or present obligations that may
but probably will not require outflow of resources as contingent liability in the
financial statement.

d) Trade Receivables:

Out of the total receivable of Rs. 285.74 lakhs ( previous year Rs. 303 Lakhs ) Bill
discounted with Federal Bank Rs. 205.11 lakhs (previous year Rs 126.01 lakhs) under
FDBP limit with them, has been deducted from the trade receivable to arrive at the
net amount realizable

e) Use of Estimates:-

The preparation of financial statements in conformity with generally accepted
accounting principles,requires management to make estimates and assumptions that
affect the reported amounts of assets and liabilities, disclosure of contingent liabilities
at the date of the financial statements and the results of operations during the

reporting year end. Although these estimates are based upon management''s best

knowledge of current events and actions, actual results could differ from these
estimates.

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Mar 31, 2015

A) Basis of preparation:-

The financial statements of the company have been prepared in accordance with the Generally Accepted Accounting Principles in India (Indian GAAP). The company has prepared these financial statements to comply in all material respects with the Companies (Accounts) Rules 2014 and the relevant provisions of the Companies Act, 2013. The financial statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies adopted in the preparation of financial statements are consistent with those of previous year.

B) Current and Non Current Classification

Any asset / liability is classified as current if it satisfies any of the following conditions:

a) it is expected to be realized / settled in the company's normal operating cycle; or

b) it is expected to be realized / settled within twelve months after the reporting date;

c) in the case of an asset,

i) it is held primarily for the purpose of being traded; or

ii) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date

d) in the case of a liability, the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

c) Fixed Assets & Depreciation:-

Fixed Assets are stated at cost of acquisition less accumulated depreciation and impairment losses. Cost comprises the purchase price and any directly attributable costs of bringing the assets to their working condition for its intended use.

D) Depreciation:-

a. Depreciation on Fixed Assets is provided based on the useful life of the asset in the manner prescribed in Schedule II to the Companies Act, 2013.

b. Intangible Assets are recognized only when future economic benefits arising out of the assets flow to the enterprise and are amortized over their useful life ranging from 3 to 5 years.

c. Cash generating units / Assets are assessed for possible impairment at balance sheet dates based on external and internal sources of information. Impairment losses, if any, are recognized as an expense in the statement of Profit & Loss. No provision is made for impairment loss during the year.

e) Inventory:-

a. Finished goods are valued at cost or net realizable value whichever is lower and raw material is at cost as certified by the management based on FIFO method. Cost includes all charges incurred for bringing the goods to the point of sales.

b. Consumables, Stores and Packing Materials are valued at cost less amount written off. The cost formula used is First in First Out.

f) Revenue Recognition:-

Sale of goods is recognized at the point of dispatch of finished goods whereby all significant risks and rewards of ownership have been transferred to the buyers and no significant uncertainty exists regarding the amount of consideration that will be derived from the sale of goods.

g) Export sales are shown at cost plus freight.

h) Employees benefits:-

Retirement benefits: Defined benefit plans -

Contributions to defined contribution schemes such as Provident Fund and ESI are charged to the Profit and Loss Account as incurred. The company also provides for retirement and post-retirement benefits in the form of gratuity and leave encashment. Such defined benefits are charged to the Profit and Loss Account based on valuations, as at the balance sheet date. Provision for gratuity liability has been made on the basis of valuation, submitted by the management. Actuarial valuation as per AS-15 of ICAI has not been complied with, the effect of which is not ascertainable. As the company was hither to carrying business loss of earlier years, and shortage in working capital, the company has not funded defined benefit plans as mandated in AS 15 'Employees Benefit' issued by ICAI . Encashment of leave is charged off at the undiscounted amount in the year in which the related services are rendered.

i) Borrowing costs:-

Borrowing costs that are directly attributable to the acquisition or construction of a qualifying asset were capitalized as part of the cost of that asset till such time the asset is ready for its intended use.

j) Impairment of Assets:-

At each balance sheet date, the Company assesses whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount. The recoverable amount is the greater of the asset's net selling price and value in use. No such adjustments have been made during the year under consideration. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital. If the carrying amount of the assets exceeds its recoverable amount, an impairment loss is recognized in the Profit and Loss Account to the extent the carrying amount exceeds the recoverable amount.

k) Depending on the facts of each case and after studying the legal implications, the Company makes a provision when there is a present obligation as a result of a past event where the outflow of economic resources is probable and a reliable estimate of the amount of obligation can be made. The disclosure is made for all possible or present obligations that may but probably will not require outflow of resources as contingent liability in the financial statement.

l) Trade Receivables:- Current year Rs. 126,44,159 Previous year :- Rs. 90,38,725

m) Use of Estimates:-

The preparation of financial statements in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting year end. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates.

n) Taxation

Current Income Tax: - Tax on Income for current period and MAT provision applicable u/s. 115 is Nil for the year.

o) Deferred Tax Working: - Deferred Tax Asset remaining in books has not been written off during the year as the management considers that it will be made good in the coming years. Based on prudence no provision has been made for the current year.

p) Foreign currency transactions are accounted at the prevailing rates on the date of transaction and exchange rate differences on monitory assets and liability as on closing date are dealt in the Profit & Loss Account whenever material.

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Mar 31, 2014

A) Basis of preparation.

Financial statements are prepared to comply in all material respects with the notified Accounting Standards under the Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956 (''the Act''). The financial statements have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year.

b) Current and Non Current Classification

Any asset/liability is classified as current if it satisfies any of the following conditions.

a) it is expected to be realized/settled in the companys'' normal operating cycle or.

b) it is expected to be realized/settled within twelve months after the reporting date.

c) in the case of an asset.

i) it is held primarily for the purpose of being traded; or.

ii) it is cash or cash equivalent unless it is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting date.

d) in the case of a liability, the company does not have an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

c) Fixed Assets & Depreciation.

Fixed Assets are stated at cost of acquisition less accumulated depreciation and impairment losses. Cost comprises the purchase price and any directly attributable costs of bringing the assets to their working condition for its intended use.

d) Depreciation

(i) Depreciation on asset is provided on straight line method at the rate prescribed in Schedule XIV to the Companies Act, 1956.

(ii) Intangible Assets are recognized only when future economic benefits arising out of the assets flow to the enterprise and are amortized over their useful life ranging from 3 to 5 years.

(iii) Cash generating units/Assets are assessed for possible impairment at balance sheet dates based on external and internal sources of information. Impairment losses, if any, are recognized as an expense in the statement of Profit & Loss. No provision is made for impairment loss during the year.

e) Inventory

a. Finished goods are valued at cost or net realizable value whichever is lower and raw material is at cost as certified by the management based on FIFO method. Cost includes all charges incurred for bringing the goods to the point of sales.

b. Consumables, Stores and Packing Materials are valued at cost less amount written off. The cost formula used is First In First Out.

f) Revenue Recognition

Sale of goods is recognized at the point of dispatch of finished goods whereby all significant risks and rewards of ownership have been transferred to the buyers and no significant uncertainty exists regarding the amount of consideration that will be derived from the sale of goods.

g) Export sales are shown at cost plus freight

h) Employees benefits-

Retirement benefits: Defined benefit plans

Contributions to defined contribution schemes such as Provident Fund and ESI are charged to the Profit and Loss Account as incurred. The company also provides for retirement and post-retirement benefits in the form of gratuity and leave encashment. Such defined benefits are charged to the Profit and Loss Account based on valuations, as at the balance sheet date. Provision for gratuity liability has been made on the basis of valuation, submitted by the management. Actuarial valuation as per AS-15 of ICAI has not been complied with, the effect of which is not ascertainable. As the company was hither to carrying business loss of earlier years, and shortage in working capital, the company has not funded defined benefit plans as mandated in AS 15 ''Employees Benefit'' issued by ICAI . Encashment of leave is charged off at the undiscounted amount in the year in which the related services are rendered.

i) Borrowing costs

Borrowing costs that are directly attributable to the acquisition or construction of a qualifying asset were capitalized as part of the cost of that asset till such time the asset is ready for its intended use.

j) Impairment of Assets

At each balance sheet date, the Company assesses whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount. The recoverable amount is the greater of the asset''s net selling price and value in use. No such adjustments have been made during the year under consideration. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital. If the carrying amount of the assets exceeds its recoverable amount, an impairment loss is recognized in the Profit and Loss Account to the extent the carrying amount exceeds the recoverable amount.

k) Depending on the facts of each case and after studying the legal implications, the Company makes a provision when there is a present obligation as a result of a past event where the outflow of economic resources is probable and a reliable estimate of the amount of obligation can be made. The disclosure is made for all possible or present obligations that may but probably will not require outflow of resources as contingent liability in the financial statement.

l) Trade Receivables - 8927689 Previous year - 2515042

m) Use of Estimates

The preparation of financial statements in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting year end. Although these estimates are based upon managements'' best knowledge of current events and actions, actual results could differ from these estimates.

n) Taxation

Current Income Tax: - Tax on Income for current period and MAT provision applicable u/s. 115 is Nil for the year.

o) Deferred Tax Working: - Deferred Tax Asset remaining in books has not been written off during the year as the management considers that it will be made good in the coming years. Based on prudence no provision has been made for the current year.

p) Foreign currency transactions are accounted at the prevailing rates on the date of transaction and exchange rate differences on monitory assets and liability as on closing date are dealt in the Profit & Loss Account wherever material.

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Mar 31, 2012

A) Basis of preparation:-

Financial statements are prepared to comply in all material respects with the notified Accounting Standards under the Companies (Accounting Standards) Rules, 2006 and the relevant provisions of the Companies Act, 1956 ('the Act'). The financial statements have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year. The figures has not been rounded off.

b) Fixed Assets & Depreciation:-

Fixed Assets are stated at cost of acquisition less accumulated depreciation and impairment losses. Cost comprises the purchase price and any directly attributable costs of bringing the assets to their working condition for its intended use.

c) Depreciation :-

(i) Depreciation on asset is provided on straight line method at the rate prescribed in Schedule XIV to the Companies Act, 1956.

(ii) Cost of Intangibles capitalized had been amortized over their useful life.

(iii) Depreciation on additions or on sale/discardment of assets is provided on pro-rata basis from the month of such addition or up to the month of such sale/discardment as the case maybe.

d) Inventory:-

a. Finished goods are valued at cost or net realizable value whichever is lower and raw material is at cost as certified by the management based on FIFO method. Cost includes all charges incurred for bringing the goods to the point of sales.

b. Consumables, Stores and Packing Materials are valued at cost less amount written off. The cost formula used is First In First Out.

e) Revenue Recognition:-

Sale of goods is recognized at the point of dispatch of finished goods whereby all significant risks and rewards of ownership have been transferred to the buyers and no significant uncertainty exists regarding the amount of consideration that will be derived from the sale of goods.

f) Export sales are shown at cost plus freight.

g) Employees benefits :-

Retirement benefits: Defined benefit plans -

Contributions to defined contribution schemes such as Provident Fund and ESI are charged to the Profit and Loss Account as incurred. The company also provides for retirement and post-retirement benefits in the form of gratuity and leave encashment. Such defined benefits are charged to the Profit and Loss Account based on valuations, as at the balance sheet date. Provision for gratuity liability has been made on the basis of valuation, submitted by the management. Actuarial valuation as per AS-15 of ICAI

has not been complied with, the effect of which is not ascertainable. We are informed as the company was hither to havingbusiness loss of earlier years, and on account of shortage in working capital, the company has not funded defined benefit plans as mandated in AS 15 'Employees Benefit' issued by ICAI.

h) Borrowing costs:-

Borrowing costs that are directly attributable to the acquisition or construction of a qualifying asset were capitalized as part of the cost of that asset till such time the asset is ready for its intended use.

i) Impairment of Assets:-

At each balance sheet date, the Company assesses whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount. The recoverable amount is the greater of the asset's net selling price and value in use. No such adjustments have been made during the year under consideration. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital. If the carrying amount of the assets exceeds its recoverable amount, an impairment loss is recognized in the Profit and Loss Account to the extent the carrying amount exceeds the recoverable amount, j) Depending on the facts of each case and after studying the legal implications, the Company makes a provision when there is a present obligation as a result of a past event where the outflow of economic resources is probable and a reliable estimate of the amount of obligation can be made. The disclosure is made for all possible or present obligations that may but probably will not require outflow of resources as contingent liability in the financial statement, k) The entire Technical Know-how and Preliminary Expenses had been written off over a period of lOyears.

1) Sundry debtors: In the opinion of the management, sundry debtors, loans and advances will realize a value as stated in the financial statement, if realized in the normal course of business. The balances are therefore as per books of accounts only m) Use of Estimates:-

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting year end. Although these estimates are based upon management's best knowledge of current events and actions, actual results could differ from these estimates, n) Taxation

Current Income Tax - Tax on Income for current period is Rs.4752508. MAT credit of earlier year availed u/s. 115 JB of the IT Act for the period is Rs. 15,46,708.

p) Foreign currency transactions are accounted at the prevailing rates on the date of transaction and exchange rate differences on monitory assets and liability as on closing date are dealt in the Profit & Loss Account whenever material,

q) Grants.

Government grant in the nature of investment subsidy received in earlier years is credited to Capital Reserve; Grant relating to specific fixed asset is adjusted against the gross value of assets. No subsidy has been received during the year.

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Mar 31, 2010

A) Basis of Preparation:-

The financial statements are prepared to comply in all material respects with the notified Accounting Standards under the Companies (Accounting Standards) Rules, 2006 and the relevent provisions of the Companies Act, 1956 (the Act) The financial statements have been prepared under the historical cost convention on an accrual basis. The accounting policies have been consistently applied by the Company and are consistent with those used in the previous year

B) Fixed Assets & Depreciation:-

Fixed Assets are stated at cost of acquisition less accumulated depreciation and impairment losses. Cost comprises the purchase price and any directly attributable cost of bringing the assets to their working condition for its intended use

C) Depreciation:-

(i) Depreciation on asset is provided on straight line method at the rate prescribed in Schedule XIV to the Companies Act, 1956. (ii) Cost of Intangibles capitalized have been amortized over their useful life. (iii) Depreciation on additions or on sale/discardment of assets is provided on pro-rata basis from the month of such addition or up to the month of such sale/discardment as the case may be.

D) Inventory:-

(i) Finished goods are valued at cost or net realisable value whichever is lower and raw material is at cost as certified by the management based on FIFO method. Cost includes all charges incurred for bringing the goods to the point of sales.

(ii) Consumables, Stores and Packing Materials are valued at cost less amount written off. The cost formula used is First In First Out.

E) Revenue Recognition:-

Sale of goods is recognized at the point of despatch of finished goods whereby all significant risks and rewards of ownership have been transferred to the buyers and no significant uncertainity exists regarding the amount of consideration that will be derived from the sale of goods.

F) Export sales are shown at cost plus freight.

G) Employees benefits:-

Retirement benefits : Defined benefit plans- Contributions to defined contribution schemes such as Provident Fund and ESI are charged to the Profit and Loss acount as incurred. The company also provides for retirement and post-retirement benefits in the form of gratuity and leave encashment. Such defined benefits are charged to the Profit and Loss account based on valuations, as at the balance sheet date. Provision for gratuity liability has been made on the basis of valuation, submitted by the management. Actuarial valuation as per AS-15 of ICAI has not been complied with, the effect of which is not ascertainable.

H) Borrowing costs:

Borrowing costs that are directly attributable to the acquisition or construction of a qualifying asset are capitalized as part of the cost of that asset till such time the asset is ready for its intended use.

I) Impairment of assets:

At each balance sheet date, the Company assesses whether there is any indication that an asset may be impaired. If any such indication exists, the Company estimates the recoverable amount. The recoverable amount is the greater of the assets net selling price and value in use. No such adjustments have been made during the year under consideration. In assessing value in use, the estimated future cash flows are discounted to their present value at the weighted average cost of capital. If the carrying amount of the assets exceeds its recoverable amount, an impairment loss is recognized in the Profit and Loss Account to the extent the carrying amount exceeds the recoverable amount.

J) Segment Reporting:

The Company has only one segment. The Companys operation predominantly related to processing and exporting of marine products and has disclosed exports as its primary segment. Since the income on account of other activities are only incidental to the main business of seafood export and does not individually contribute to 10% or more of the total revenue receipts as perAS -17 as prescribed under companies (Accounting Standards) Rules, 2006 separate segment reporting is not applicable. Local turnover is not significant in total turnover.

K) Depending on the facts of each case and after studying the legal implications, the Company makes a provision when there is a present obligation as a result of a past event where the outflow of economic resources is probable and a reliable estimate of the amount of obligation can be made. The disclosure is made for all possible or present obligations that may but probably will not require outflow of resources as contingent liability in the financial statement

L) The entire Technical Know-how and Preliminary Expenses had been written off over a period of 10 years.

M) Sundry debtors: In the opinion of the management, sundry debtors, loans and advances will realize a value as stated in the financial statement, if realized in the normal course of business. The balances are therefore as per books of accounts only.

N) Use of Estimates:

The preparation of financial statements in conformity with generally accepted accounting principles, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent liabilities at the date of the financial statements and the results of operations during the reporting year end. Although these estimates are based upon managements best knowledge of current events and actions, actual results could differ from these estimates.

O) Taxation

Current Income Tax-Tax on income for current period Rs. 5,20,000/-is determined on the basis of MAT provision applicable U/S. 115 JB of the IT Act.

Q) Foreign currency transactions are accounted at the prevailing rates on the date of transaction and exchange rate differences on monitory assets and liability as on closing date are dealt in the Profit & Loss Account wherever material.

R) Grants:

Government grant in the nature of investment subsidy received in earlier years is credited to Capital Reserve, Grant relating to specific fixed asset is adjusted against the gross value of assets. No subsidy has been received during the year.