| Pursuant to the Scheme of Arrangement sanctioned by the Hon'ble High
Court of Andhra Pradesh, Hyderabad on 13/02/2009, the company issued
91,69,184 new shares with the face value of Rs. l/-each to the
specified creditors against the amount standing to the credit of their
respective accounts at "Discovered New Share Issue Price" and convert
the same in to share capital by crediting to Paid-up Share Capital Rs,
91,69,184 and Rs 2,11,80,815 towards Share Premium Reserve.
The Equity Share Holders are entitled to receive dividends as and when
declared. A right to vote in proportion to holding etc., and their
right, preferences and restrictions are governed by/ in terms of their
issue under the provisions of Companies Act, 2013.
Details of Shareholders holding shares more than 5% shares.
1. Contingent Liabilities & Provisions:
Contingent Liabilities - Litigation and related disputes:
(a) Estimated amount of contracts remaining to be executed on capital
account and not provided for: - NIL -
(b) Claims against the company by 59.07 Lakhs. (Previous year Rs.56.36
Lakhs).
2. The Prawn farm was given on operating lease even though some part
of the farm is under Coastal Regulation Zone. But it was not applicable
to creek.
3. Related Party Disclosures:
1. Key Management Personnel: Sri Bommidala Ramakrishna and Mr. Arisetty
Sai Prasad.
2. Associate Companies / Firms
1) Bommidala Tobacco Exporters Pvt., Ltd
2) Hotel Shivam International (P) Ltd
3) Bommidala Exports (P) Ltd
4) Digital Keyboard (P) Ltd.,
5) Sampath Hotels and Resorts (P) Ltd.,,
6) Meghalaya Hotels (P) Ltd.,
7) A One Duty Free (P) Ltd.,
8) Hindustan Tobacco Co., (Partnership Firm)
9) Bommidala Ventures (P) Ltd.,
10) Bommidala Exports (Partnership Firm)
4. In view of carried forward losses/unabsorbed depreciation in
respect of past years and the company does not have the taxable income
in the near future and hence, cumulative net deferred tax assets after
deducting deferred tax liabilities have not been recognized by the
company on prudence basis in accordance with the Accounting Standard
prescribed under Companies Act, 2013
5. The Company is engaged only in a single business segment viz.
shrimp business and lease of the shrimp farm, hence, no separate
segment report is made.
6. No Provision for Taxes made during the year, as the adequate carry
forward business loss and depreciation is available as per records.
7. The financial statements were prepared on going concern basis as
the Farm was given operating lease getting consistant income. Further
the company will undertake business operations after completion of
lease.
8. There was no demand from the concerned department regarding Non-
Agriculture Tax during the year. Howerver, the company had shown an
amount of Rs.59.07 lakhs as contignet liability as the matter was in
the Court.
9. Figures have been rounded off to the nearest rupee and figures in
brackets have been reduced from the totals. Previous Year numbers have
been regrouped, where ever necessary.
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