| 1. As confirmed by the company .they have carried out investigation in
respect of old outstanding debtors through a management team and taken
incentive steps to recover old outstanding debtors and reviving those
customer by supply of goods to them. Pursuant to scheme and work
carried out by the company .they hope to recover old outstanding dues
from old debtors and therefore after a detailed analytical review of
recovering the same a provision of Rs.1.65 crore(approx) would be
required to be made out of which Rs.65.00 lacs is provided as provision
for bad & doubtful debts during the year Company intends to provide
Rs.1 crore in phased manner of 2 years with a constant review of
debtors provision. To that extent Rs.1 crore remains unprovided. A sum
of Rs.87.50 lacs is written off as bad & doubtful debt.
2. Cost of material is not netted by Cenvat Credit. Payment of net
excise debited to excised expense.
3. In the opinion of directors, the net realizable value of current
assets sold in ordinary course of business is not less than the market
value.
4. Some debtors, creditors, loans & advances, bank deposits are
subject to confirmation and reconciliation.
5. Contingent Liabilities :
There are no contingent liabilities as certified by the Directors.
6. a) The company has identified the suppliers who are covered under
the Interest on Delayed Payments to Small Scale and Ancillary
Industrial Undertakings Act, 1993. The liability under the said Act on
account of interest is not ascertained as at 31 March 2015. However, no
claims have been received for interest from suppliers with reference to
the above Act.
b) There are no small scale industrial undertakings to whom the company
owes a sum which is outstanding as per terms of contract agreed for
more than 30 days as at Balance Sheet date.
7. Segment Reporting:
Considering the organization structure, nature of Products and risk and
return profile based on geographical distribution, the agro chemicals
business is considered as a single segment in accordance with AS-17
"Segment Reporting".
8. Related Party Disclosure :
a) Related Parties:
i) Subsidiaries of the Company Ocean Agro LLC
ii) Other related parties Industrial Additives
m) Key Management Personnel Mr. Kaushik B. Parikh (MD)
Mr. Manhar D. Patel (Jt. MD)
b) The following transactions were carried out during the year with the
related parties in the ordinary course of business.
9. Disclosure as required under clause 32 of listing agreement
i) Loans and Advances in the nature of loans to Firms/Companies in
which Directors are interested - Nil (Previous Year - Rs. Nil)
ii) Investment by the loanee in the shares of the Company as on 31
March 2015 is nil (Previous Year-nil)
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