uniroyal marine exports limited...uniroyal marine exports limited 27t annual eneral meeting 2018-19...

UNIROYAL MARINE EXPORTS LIMITEDCP8/495(111191, Vengatam P.O, Calicut - 673 303, Kerala, lndia

Tet : 0496 2633781,2633782, Fax : +91496 2633783E-mait : [email protected]

www. uni royalmari ne. comC I N : L1 5 1 24K11 992PLC00667 4

Ref: UME/BSE/AGM / 3 / 2019

Scrip Code No:526113

To

The General Manager,.

Department of Corporate Services

Bombay Stock Exchange Ltd.P J Towers,Dalal Street, Mumbai- 400 001

October 18,2019

Limited

Dear Sir f Madarr.,

Pursuant to Regulation 34 (1) of SEBI (Listing Obligations and DisclosureRequirements) (Amendment) Regulations, 201,8, attached is the Annual Report of the27ft Annual General Meeting of the company which was duly held on Saturday, the28ft September 2019, at 3.00 pm at Registered office of the company at 71./19,Chamancheri Vengalam P. O, Kozhikode District, Kerala 673303.

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Further, Annual Report of the company is also available on the Company's website:www.unirovalmarine.com.

You are kindly requested to take the same on record.

Thanking You,

Yours faithfully,

I Marine Exports Limited

B aI OdattCompany Secretary & Compliance Officer

UNIROYAL MARINE EXPORTS LIMITED27th ANNUAL REPORT

2018-2019If undelivered :

Uniroyal Marine Exports Limited 11/19, Vengalam P.O., Chemanchery Panchayath,

Kozhikode, Kerala - 673 303, India.

Book Post

27th Annual General Meeting 2018-19Uniroyal Marine Exports Limited

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UNIROYAL MARINE EXPORTS LIMITED

CHAIRMAN : Mr. IYPE MATHEW

MANAGING DIRECTOR : Mr. ANUSH K THOMAS

DIRECTORS : Mr. K.C.THOMAS Mr. V.MOHANLAL Mr. V.S.NATH RAM Ms. NITHYA ALEXCHIEF EXECUTIVE : Mr.THOMAS P KOSHY

COMPANY SECRETARY : Mr.BENILAL ODATT

CHIEF FINANCIAL OFFICER : Ms.BINDU SURESH

AUDITORS : Mr. SABU PHILIP Chartered Accountant Kottayam–686019

SECRETARIAL AUDITOR : Mr. SATHEESH KUMAR. N PracticingCompanySecretary Kochi–682016

BANKERS : 1.THEFEDERALBANKLTD Kozhikode673011

2.UCOBank Kozhikode673001

REGISTEREDOFFICE : 11/19,VengalamPO ChemancheryPanchayath Kozhikode Dist. Kerala-673303,India. Ph:0496–2633781,2633782REGISTRARS & SHARE TRANSFERAGENTS : SKDCConsultantsLimited KanapathyTowers,3rdFloor, 1391/A-1,SathyRoad, Ganapathy,Coimbatore641006. Phone:0422-6549995

ISIN : NSDL&CDSL-INE602H01010

Uniroyal Marine Exports Limited 27th Annual General Meeting 2018-19

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NOTICENoticeisherebygiventhatthe27thAnnualGeneralMeetingofthemembersofUniroyalMarineExportsLtd.willbeheldattheRegisteredOfficeoftheCompanyat11/19,VengalamP.O,KozhikodeDistrict,Kerala–673303onSaturdaythe28thSeptember2019at3.00p.m.totransactthefollowingbusiness:

ORDINARY BUSINESS

1. To receive, consider and adopt the Audited Financial Statement of theCompany for the financial year ended March 31, 2019 together with theReportsoftheBoardofDirectorsandtheAuditorsthereon.

2. To appoint aDirector in place ofMr.Mohanlal ViswanathanNair, (DIN:00149939)whoretiresbyrotation,beingeligibleandseeksre-appointment.

3. To ratify the appointment of StatutoryAuditor and if thoughtfit, topass,with or without modification(s), the following resolution as anOrdinary Resolution:

“RESOLVEDthatpursuanttoSections139,142andotherapplicableprovisions,ifany,oftheCompaniesAct,2013(the“Act”)andtheCompanies(AuditandAuditors)Rules,2014(“Rules”)(includinganystatutorymodificationorre-enactmentthereof,forthetimebeinginforce),theCompanyherebyratifiestheappointmentofMr.SabuPhilip,CharteredAccountant,(MembershipNo.31708),asStatutoryAuditoroftheCompanytoholdofficefromtheconclusionofthisAnnualGeneralMeeting(AGM)tilltheconclusionofthenextAGMoftheCompanyforthefinancialyear2019-20.”

SPECIAL BUSINESS

4. Tore-appointMr.IpeMathew(DIN:01546555)asanIndependentDirectorand if thought fit, to pass with or without modification(s) the followingresolutionasa Special Resolution:

“RESOLVED THAT thatpursuanttotheprovisionsofsections149,150,152readwith Schedule IV and other applicable provisions of the Companies Act, 2013and the Companies (Appointment and Qualifications of Directors) Rules, 2014andSecurities andExchangeBoardof India (ListingObligationsandDisclosureRequirements) Regulations, 2015 [including any statutory modification(s) oramendment(s) theretoor re-enactment(s) thereof for the timebeing in force],Mr.


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Notes:

1. ExplanatoryStatementpursuanttoSection102(1)of theCompaniesAct,2013relatingtotheSpecialBusinesstobetransactedattheMeetingisan-nexedhereto

Ipe Mathew (DIN: 01546555), who was appointed as an Independent Directorof theCompanyat the 22ndAnnualGeneralMeetingof theCompanyandwhoholdsofficeoftheIndependentDirectorupto27thAnnualGeneralMeetingoftheCompanyandwhoiseligibleforbeingre-appointedasanIndependentDirector,bere-appointedasanIndependentDirectoroftheCompany,notliabletoretirebyrotation,toholdofficeforasecondtermofOneyearcommencingfrom29thdayofSeptember2019to28thdayofSeptember2020.”

5. Tore-appointMr.RamNath(DIN:01546672)asanIndependentDirectorandifthoughtfit,topasswithorwithoutmodification(s)thefollowingresolutionas a Special Resolution:

“RESOLVED thatpursuant to theprovisionsof sections149,150,152 readwithSchedule IV and other applicable provisions of the Companies Act, 2013 andthe Companies (Appointment and Qualifications of Directors) Rules, 2014 andSecurities and Exchange Board of India (Listing Obligations and DisclosureRequirements) Regulations, 2015 [including any statutory modification(s) oramendment(s) theretoor re-enactment(s) thereof for the timebeing in force],Mr.RamNath(DIN:01546672),whowasappointedasanIndependentDirectoroftheCompanyat the22ndAnnualGeneralMeetingof theCompanyandwhoholdsoffice of the Independent Director up to 27th Annual General Meeting of theCompanyandwhoiseligibleforbeingre-appointedasanIndependentDirector,bere-appointedasanIndependentDirectoroftheCompany,notliabletoretirebyrotation,toholdofficeforasecondtermofOneyearcommencingfrom29thdayofSeptember2019to28thdayofSeptember2020.”’’ ByorderoftheBoard For UNIROYAL MARINE EXPORTS LIMITED

Sd/-Kozhikode BenilalOdatt26/08/2019 CompanySecretary&ComplianceOfficer


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2. 2. AMemberentitledtoattendandvoteattheAnnualGeneralMeet-ingisentitledtoappointaproxytoattendandvoteinsteadofhimselfandtheproxyneednotbeaMemberoftheCompany.Theinstrumentappointing theproxy, in order to be effective,must bedeposited at theCompany’sRegisteredOffice,duly completed and signed,not less thanFORTY-EIGHTHOURSbefore themeeting.Proxiessubmittedonbehalfoflimitedcompanies,societies,etc.,mustbesupportedbyappropriateres-olutions/authority,asapplicable.ApersoncanactasproxyonbehalfofMembersnotexceedingfifty(50)andholdingintheaggregatenotmorethan10%ofthetotalsharecapitaloftheCompany.Incaseaproxyispro-posedtobeappointedbyaMemberholdingmorethan10%ofthetotalsharecapitaloftheCompanycarryingvotingrights,thensuchproxyshallnotactasaproxyforanyotherpersonorshareholder.

3. InformationunderRegulation36(3)oftheSecuritiesandExchangeBoardof India (ListingObligations andDisclosureRequirements)Regulations,2015 relating to theDirectorproposed to be reappointed is provided inAnnexuretothisNotice.

4. TheRegisterofMembersandShareTransferRegisteroftheCompanywillremainclosedfrom 23/09/19 to 28/09/18 (bothdaysinclusive).

5. Membersarerequestedtonotifytheirchangeofaddress,ifany,quotingtheirfolionumberstotheRegd.Officeofthecompany/ourRTA.Similarlymembersholdingshares indemat formshall intimate thechangeofad-dress,ifany,totheirrespectiveDepositoryParticipants(DP).

6. Incaseofjointholdersattendingthemeeting,theMemberwhosenameap-pearsasthefirstholderintheorderofnamesaspertheRegisterofMem-berswillbeentitledtovote.

7. TheNoticeoftheAGMalongwiththeAnnualReport2018-19isbeingsentbyelectronicmode to thoseMemberswhosee-mailaddressesare regis-teredwiththeCompany/Depositories,unlessanyMemberhasrequestedforaphysicalcopyofthesame.ForMemberswhohavenotregisteredtheire-mailaddresses,physicalcopiesarebeingsentbythepermittedmode.

8. Members/Proxiesmust bring the original attendance slip sent herewithdulyfilledin,signedandhanditoverattheentranceofthemeetinghall.

9. To support the ‘Green Initiative’, theMemberswhohavenot registeredtheire-mailaddressesarerequestedtoregisterthesamewithDepositories/RTAoftheCompany.

10. TheSecuritiesandExchangeBoardofIndia(SEBI)hasmandatedthesub-missionofPermanentAccountNumber(PAN)byeveryparticipantinse-curitiesmarket.Membersholdingsharesinelectronicformare,therefore,


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requestedtosubmittheirPANtotheirDepositoryParticipantswithwhomthey aremaintaining their demat accounts.Members holding shares inphysicalformcansubmittheirPANtotheCompany/RTA.

11. SEBIhasdecidedthatsecuritiesoflistedcompaniescanbetransferredonlyindematerialisedformfrom01April2019.Inviewoftheaboveandtoavailvariousbenefitsofdematerialisation,Members are advised todemateri-alisethesharesheldbytheminphysicalform.

12. Votingthroughelectronicmeans IntermsofSection108oftheCompaniesAct,2013readwiththeCompa-

nies(ManagementandAdministration)Rules,2014asamendedfromtimetotimeandRegulation44oftheSecuritiesandExchangeBoardOfIndia(ListingObligationsandDisclosureRequirements)Regulations,2015,theCompany is providing the e voting facility throughCentralDepositoryServices(India)Limited(CDSL)asanalternative, forallmembersof theCompanytoenablethemtocasttheirvoteselectronically,ontheresolu-tionsmentionedinthenoticeofthe27thAnnualGeneralMeetingoftheCompany.

PROCEDURE/INSTRUCTIONSFORE-VOTINGAREASUNDER:

(i) Thevotingperiodbeginson25/09/19at09.00a.m.(IST)andendson27/09/19at 5.00 p.m. (IST). During this period shareholders’ of the Company,holdingshareseitherinphysicalformorindematerializedform,asonthecut-offdate i.e. 21/09/18may cast their vote electronically. The e-votingmoduleshallbedisabledbyCDSLforvotingthereafter.

(ii) Shareholderswhohavealreadyvotedpriortothemeetingdatewouldnotbeentitledtovoteatthemeetingvenue.

(iii) Theshareholdersshouldlogontothee-votingwebsitewww.evotingindia.com.

(iv) ClickonShareholders.(v) NowEnteryourUserIDa. ForCDSL:16digitsbeneficiaryID,b. ForNSDL:8CharacterDPIDfollowedby8DigitsClientID,c. Members holding shares in Physical Form should enter Folio Number

registeredwiththeCompany.(vi) NextentertheImageVerificationasdisplayedandClickonLogin.(vii) If you are holding shares in demat form and had logged on to www.

evotingindia.com and voted on an earlier voting of any company, thenyourexistingpasswordistobeused.

(viii) Ifyouareafirsttimeuserfollowthestepsgivenbelow:


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ForMembersholdingsharesinDematFormandPhysicalForm

PAN

DividendBank Details

ORDateofBirth

(DOB)

• Enter your 10 digit alpha-numeric PAN issued by Income Tax Department (Applicable for both demat shareholders as well as physical shareholders)

• Members who have not updated their PAN with the Company/Depository Participant are requested to use the first two letters of their name and the 8 digits of the sequence number in the PAN Field.

• In case the sequence number is less than 8 digits enter the applicable number of 0’s before the number after the first two characters of the name in CAP-ITAL letters. Eg. If your name is Ramesh Kumar with sequence number 1 then enter RA00000001 in the PAN Field.

• Enter the Dividend Bank Details or Date of Birth (in dd/mm/yyyy format) as recorded in your demat account or in the company records in order to login.

• If both the details are not recorded with the depository or company please enter the member id / folio number in the Dividend Bank details field as mentioned in instruction (iv).

(ix) Afterenteringthesedetailsappropriately,clickon“SUBMIT”tab.(x) Members holding shares in physical formwill then directly reach the

Companyselectionscreen.However,membersholdingsharesindematformwillnowreach‘PasswordCreation’menuwhereintheyarerequiredtomandatorily enter their login password in the new password field.Kindlynotethatthispasswordistobealsousedbythedematholdersforvotingforresolutionsofanyothercompanyonwhichtheyareeligibletovote,providedthatcompanyoptsfore-votingthroughCDSLplatform.Itisstronglyrecommendednottoshareyourpasswordwithanyotherpersonandtakeutmostcaretokeepyourpasswordconfidential.

(xi) ForMembersholding shares inphysical form, thedetails canbeusedonlyfore-votingontheresolutionscontainedinthisNotice.

(xii) Click on the EVSN for the relevant <UNIROYALMARINE EXPORTSLTD>onwhichyouchoosetovote.

(xiii) On thevotingpage,youwill see“RESOLUTIONDESCRIPTION”andagainstthesametheoption“YES/NO”forvoting.SelecttheoptionYESorNOasdesired.TheoptionYESimpliesthatyouassenttotheResolutionandoptionNOimpliesthatyoudissenttotheResolution.

(xiv) Clickonthe“RESOLUTIONSFILELINK”ifyouwishtoviewtheentireResolutiondetails.

(xv) After selecting the resolution you have decided to vote on, click on“SUBMIT”.Aconfirmationboxwillbedisplayed.Ifyouwishtoconfirmyourvote,clickon“OK”,elsetochangeyourvote,clickon“CANCEL”andaccordinglymodifyyourvote.

(xvi) Once you “CONFIRM” your vote on the resolution, you will not beallowedtomodifyyourvote.


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(xvii) Youcanalsotakeaprintofthevotescastbyclickingon“Clickheretoprint”optionontheVotingpage.

(xviii) IfademataccountholderhasforgottentheloginpasswordthenEntertheUserIDandtheimageverificationcodeandclickonForgotPassword&enterthedetailsaspromptedbythesystem.

(xix) Shareholders can also cast their vote using CDSL’s mobile appm-Votingavailableforandroidbasedmobiles.Them-Votingappcanbedownloaded fromGooglePlayStore.AppleandWindowsphoneusers can download the app from theApp Store and theWindowsPhoneStore respectively.Please follow the instructionsaspromptedbythemobileappwhilevotingonyourmobile.

(xx) NoteforNon–IndividualShareholdersandCustodians• Non-Individualshareholders(i.e.otherthanIndividuals,HUF,NRI

etc.)andCustodianarerequiredtologontowww.evotingindia.comandregisterthemselvesasCorporate.

• AscannedcopyoftheRegistrationFormbearingthestampandsignoftheentityshouldbeemailedtohelpdesk.evoting@cdslindia.com.

• AfterreceivingthelogindetailsaComplianceUsershouldbecreatedusingtheadminloginandpassword.TheComplianceUserwouldbeabletolinktheaccount(s)forwhichtheywishtovoteon.

• Thelistofaccountslinkedintheloginshouldbemailedtohelpdesk.evoting@cdslindia.comandonapprovaloftheaccountstheywouldbeabletocasttheirvote.

• AscannedcopyoftheBoardResolutionandPowerofAttorney(POA)whichtheyhaveissuedinfavouroftheCustodian,ifany,shouldbeuploadedinPDFformatinthesystemforthescrutinizertoverifythesame.

(xxi) Incaseyouhaveanyqueriesorissuesregardinge-voting,youmayrefertheFrequentlyAskedQuestions(“FAQs”)ande-votingmanualavailableat www.evotingindia.com, under help section or write an email [email protected].

13. IntermsoftherecentamendmenttotheCompanies(ManagementandAdministration)Rules,2014withrespecttotheVotingthroughelectronicmeans, theCompany is also offering the facility for voting byway ofphysicalballotattheAGM.TheMembersattendingthemeetingshouldnotethatthosewhoareentitledtovotebuthavenotexercisedtheirrighttovotebyRemotee-voting,mayvoteattheAGMthroughballotforallbusinesses specified in the accompanying Notice. The Members whohaveexercisedtheirrighttovotebyremotee-votingmayattendtheAGM


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butshallnotvoteattheAGM.ThevotingrightsoftheMembersshallbeinproportion to their sharesof thepaid-upequity share capitalof theCompanyasonthecut-offdatebeing21/09/19.

14. Mr.SatheeshKumarN,PractisingCompanySecretary,Cochinhasbeenappointedasscrutinizer,whointheopinionoftheBoardcanscrutinizethee-votingprocessinfairandtransparentmanner.

15. TheScrutinizer shall immediately after the conclusionof thevoting atGeneralmeeting,firstcountthevotescastatthemeeting,andthereafterunblockthevotesinthepresenceofatleasttwo(2)witnessesnotintheemploymentoftheCompanyandmakeaScrutinizer’sReportofthevotescastinfavouroragainst,ifanywithinfortyeighthoursofConclusionoftheMeeting,totheChairmanofthemeeting.TheChairmanshalldeclaretheresultsofthevotingforthwith.

16. TheResultsdeclaredalongwiththeScrutinizer’sReportshallbeplacedonthe Company’swebsitewww.uniroyalmarine.comwithin immediatelyaftertheresultsaredeclaredandcommunicatedtotheBSELimited.

Detailsofthedirectorsseekingre-appointmentasrequiredunderRegulation36 (3) of theSecurities andExchangeBoardof India (ListingObligations andDisclosureRequirements)Regulations,2015 secretarial standard-2:

Particulars Mr.MohanlalViswanathanNairDIN 00149939DateofBirth 21May1960DateofAppointment 21/08/1992Typeofappointment NonExecutiveDirectorretiringbyrotation.Directorshipsheldin SANTHAMRETIREMENTVILLAGES(INDIA)PRIVATELIMITED

otherCompanies NAVARASA CREATIONS PRIVATE LIMITED

SYMPHONY TV AND ENTERTAINMENTS PRIVATE LIMITED

VISMAYASMAX ANIMATIONS ACADEMY AND STUDIOS PRIVATE LTD

LAAB M SCREENS PRIVATE LIMITED

EARTHSTAR HOTELS AND HOLIDAY HOMES PRIVATE LIMITED

VISMAYAS MULTIPLEX PRIVATE LIMITEDNumberofsharesheld intheCompany 200100Membership/Chairmanship ofCommitteesofother Companies NILExperience Heishavingmorethan25yearsofexperienceintheCompany mattersandheisawellknownPublicfigureasasuccessful actorforlast4decades.


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Particulars Mr.IpeMathewDIN 01546555DateofBirth 24/02/1952Typeofappointment IndependentnonExecutiveDirectornotliableto retirebyrotation.DirectorshipsheldinotherCompanies NILNumberofsharesheld intheCompany NILMembership/Chairmanship ofCommitteesofother Companies NILExperience HeisaCharteredAccountantinpracticewhohasa vastexperienceofmorethan40years

Particulars Mr. RAM NATHDIN 01546672DateofBirth 20/05/1952Typeofappointment IndependentnonExecutiveDirectornotliableto retirebyrotation.DirectorshipsheldinotherCompanies NIL

Numberofsharesheld intheCompany NILMembership/Chairmanship ofCommitteesofother Companies NILExperience Heisanentrepreneurwhohaswideexperiencein seafoodbusiness.

ByorderoftheBoard ForUniroyalMarineExportsLimited

Sd/-Kozhikode BenilalOdatt26/08/2019 CompanySecretary


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EXPLANATORY STATEMENT PURSUANT TO SECTION 102 (1) OF THE COMPANIES ACT, 2013

ThefollowingstatementsetsoutallmaterialfactsrelatingtotheSpecialBusinessmen-tionedintheaccompanyingNotice:

ITEM NO - 4

In termsofSection149(10)of theCompaniesAct2013(“Act”),anIndependentDirectorshallholdofficeforatermuptofiveconsecutiveyearsontheBoardofacompany,butshallbeeligibleforreappointmentonpassingofaspecialresolutionbythecompanyforasecondtermofuptofiveyears.Mr. IpeMathew,age67years(DIN:01546555)wasappointedasanIndependentDirector(Non–Executive)oftheCompanyforaperiodoffive(5)yearsatthe22ndAnnualGeneralMeetingheld.TheNominationandRemunerationCommitteeonthebasisofperformanceevaluationrecommendedre-appointmentofMr.IpeMathew,asaNon-ExecutiveInde-pendentDirectorforasecondtermofOneyearontheBoardoftheCompanyfrom29thdayofSeptember2019.TheBoardofDirectors(“Board”),initsmeetingheldonAugust26,2019reviewedthedeclarationmadebyMr.IpeMathewthathemeetsthecriteriaofin-dependenceasprovidedinSection149(6)oftheActandunder“LODR”andwasofopin-ionthathefulfillstheconditionsspecifiedintheAct,therulesmadethere-underandinLODRandisindependentofthemanagement.TheBoardaccordinglyre-appointedhimasaNon–ExecutiveIndependentDirectornotliabletoretirebyrotationforafurtherperiodofoneyearfrom29thdayofSeptember2019upto28thdayofSeptember2020.HeisaPracticingCharteredAccountantwithvastexperienceofmorethan40years.Hisvariedex-perienceinthebusinessandcorporateworldjustifieshisre-appointmentandcontinuanceas an IndependentDirector of theCompany.His contribution towardsdeliberations inBoard/CommitteemeetingshasbeenbeneficialtotheCompanyandtheCompanylooksuptohimforadvice.Thespecialresolutionisaccordinglyrecommendedforapprovalofthemembers.TheabovemayalsoberegardedsetoutatItemNo.4oftheNoticeasanappropriatedisclosureundertheActandLODR.ExceptMr.IpeMathew,noneoftheDirectorsnorKeyManagerialPersonnelortheirrel-ativesareconcernedorinterested,whetherfinanciallyorotherwiseinthesaidresolution.

ITEM NO - 5

In termsofSection149(10)of theCompaniesAct2013(“Act”),anIndependentDirectorshallholdofficeforatermuptofiveconsecutiveyearsontheBoardofacompany,butshallbeeligibleforreappointmentonpassingofaspecialresolutionbythecompanyforasecondtermofuptofiveyears.Mr. RamNath,age67years (DIN:01546672)wasappointedasanIndependentDirector(Non–Executive)oftheCompanyforaperiodoffive(5)yearsatthe22ndAnnualGeneralMeetingheld.TheNominationandRemunerationCommitteeonthebasisofperformance


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evaluation recommended reappointment ofMr.RamNath, as aNon-Executive Inde-pendentDirectorforasecondtermofOneyearontheBoardoftheCompanyfrom29thdayofSeptember2019.TheBoardofDirectors(“Board”),initsmeetingheldonAugust26, 2019 reviewed thedeclarationmadebyMr.RamNath thathemeets the criteriaofindependence as provided in Section 149(6) of theAct andunder “LODR” andwas ofopinionthathefulfillstheconditionsspecifiedintheAct,therulesmadethere-underandinLODRandisindependentofthemanagement.TheBoardaccordinglyre-appointedhimasaNon–ExecutiveIndependentDirectornotliabletoretirebyrotationforafurtherpe-riodofoneyearfrom29thdayofSeptember2019upto28thdayofSeptember2020.Heisacommercegraduate.Hisvariedexperienceintheseafoodindustryandexportbusinessjustifieshisre-appointmentandcontinuanceasanIndependentDirectoroftheCompany.HiscontributiontowardsdeliberationsinBoard/CommitteemeetingshasbeenbeneficialtotheCompanyandtheCompanylooksuptohimforadvice.Thespecialresolutionisaccordinglyrecommendedforapprovalofthemembers.TheabovemayalsoberegardedsetoutatItemNo.5oftheNoticeasanappropriatedisclosureundertheActandLODR.ExceptMr.RamNath,noneoftheDirectorsnorKeyManagerialPersonnelortheirrela-tivesareconcernedorinterested,whetherfinanciallyorotherwiseinthesaidresolution.

ByorderoftheBoard ForUniroyalMarineExportsLimited

Sd/-Kozhikode BenilalOdatt26/08/2019 CompanySecretary


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DIRECTORS’REPORTDearMember,

TheDirectorshavepleasureinpresentingtheir27thAnnualreportandtheAudit-edBalanceSheetandProfit&LossAccountsfortheyearendedMarch31,2019.RESULTS OF OPERATION

OperationResultsoftheCompanyfortheyearunderreviewalongwiththefig-uresforpreviousyearareasfollows:

ParticularsRupeesinLakh

2018-19 2017-18

Netsales/IncomefromOperations

4260.88 4373.24

OtherIncome 2.52 5.13

TotalRevenue 4263.40 4378.37

TotalExpense 4223.11 4353.91

ProfitBeforeTax 40.29 24.46

ProfitAfterTax 40.29 24.46

EarningsPerEquityShare1. Basic2. Diluted

0.620.62

0.380.38

OPERATION ANALYSISIn the year gone by, Indian sea food export growth rebounded sharply andmaintainedthesamethroughouttheyear.Stronggrowthhasnotbeenseenforthelasttwoyears.Amidstthisscenario,yourCompanyrecordedaprofitofRs.40.29lakhsasagainstRs.24.46lakhsinthepreviousyearwhichisanincreaseof64.72%comparedtothelastyear.Your Company continues with its rigorous cost restructuring exercises andefficiency improvements which have resulted in significant savings throughcontinuedfocusoncostcontrols,processefficienciesinallareastherebyenablingtheCompanytomaintainprofitablegrowthinthecurrenteconomicscenario.Nomaterial changes and commitments have occurred after the closure of theFinancialYear2018-19tillthedateofthisReport,whichwouldaffectthefinancialpositionofyourCompany.TherehasbeennochangeinthenatureofbusinessofyourCompany.TRANSFER TO RESERVES TheCompanydoesnotproposetotransferanyamounttothegeneralreserveoutoftheamountavailableforappropriation.


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DIVIDENDDuetotheinadequacyofprofitsyourdirectorsregrettheirinabilitytorecommendanydividendfortheyear.DEPOSITSTheCompanyhasnotacceptedanydepositsunderChapter-VoftheCompaniesAct,2013.SUBSIDIARIES, JOINT VENTURES & ASSOCIATESThe Company is not having any subsidiary, Joint Ventures and AssociateCompaniesPARTICULARS OF EMPLOYEESDuring the year under review, no employee of the Company was in receiptof remuneration requiring disclosure under Rule 5(2) of the Companies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014.

ThetablecontainingthenamesandotherparticularsofemployeesinaccordancewiththeprovisionsofSection197(12)oftheCompaniesAct,2013,readwithRule5(1)oftheCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014,isappendedasAnnexure1totheBoard’sreport.DIRECTORSANDKEYMANAGERIALPERSONNEL(a) Directors

Inaccordancewith theprovisionsof theActandtheArticlesofAssociationoftheCompany,Mr.MohanlalViswanathanNair(DIN:00149939),DirectoroftheCompany,retiresbyrotationattheensuingAnnualGeneralMeetingandbeingeligiblehasofferedhimselfforre-appointment.

ThefiveyeartermofofficeofMr.IpeMathewandMr.RamNathasIndependentDirectorsoftheCompanyexpiresontheconclusionoftheensuingAnnualGeneralMeeting.TheBoardofDirectors(Board)inthemeetingheldon26thAugust2019,ontherecommendationoftheNominationandRemunerationCommittee(NRC)re-appointedthemasIndependentDirectorsforasecondconsecutivetermofoneyearfrom29thSeptember2019upto28thSeptember2020(subjecttoapprovalofthemembersoftheCompany).Approvalfromthemembersforre-appointmentofMr.IpeMathewandMr.RamNathisbeingsoughtintheensuingannualgeneralmeeting(AGM).

(b) Declaration by an Independent Director

TheCompanyhascompliedaccordingtotheprovisionsofSection149(6)oftheCompaniesAct,2013.TheCompanyhasalsoobtaineddeclarationsfromalltheIndependentDirectorspursuanttoSection149(7)oftheCompaniesAct,2013.(c)BoardEvaluation


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Pursuant to the provisions of the CompaniesAct, 2013 the Board has carriedoutanannualperformanceevaluationofitsownperformanceandthedirectorsindividually.AUDIT COMMITTEETheCompositionoftheAuditcommitteeisdisclosedinthecorporategovernancereport for the purpose of Section 177(8) of the Companies Act, 2013. All therecommendationsmadebytheAuditcommitteehavebeenacceptedbytheBoard.PARTICULARSOFLOANS,INVESTMENTSANDGUARANTEESUNDERSECTION 186 OF THE COMPANIES ACT, 2013There were no loans, guarantees and investments under Section 186 of theCompaniesAct,2013duringtheyear2018-19BUSINESSRISKMANAGEMENT

The details of Risk management policy are included in the ManagementDiscussion&Analysis,whichformspartofthisreport.INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

ThedetailsinrespectofinternalfinancialcontrolandtheiradequacyareincludedintheManagementDiscussion&Analysis,whichformspartofthisreport.WHISTLEBLOWERPOLICY/VIGILMECHANISM

The company has put in place a mechanism of reporting illegal or unethicalbehaviour.Employeesarefreetoreportviolationsoflaws,rules,regulationsorunethical conduct to their immediate supervisor/notified persons. The policyis available on our website at the link: http://uniroyalmarine.com/wp-content/uploads/2015/02/UME-Whistle-Blower-Policy-Vigil-Mechanism.pdfEXTRACT OF ANNUAL RETURN

InaccordancewithSection134(3)(a)oftheCompaniesAct,2013,anextractoftheannualreturnintheprescribedformatisappendedasAnnexure 2 to the Board’s report.NUMBEROFMEETINGSOFTHEBOARD

The Boardmet five times during the financial year ie. 25/05/2018, 13/08/2018,10/11/2018 and 09/02/2019 the details of which are given in the corporategovernance report that formspart of thisAnnualReport.The interveninggapbetweenanytwomeetingswaswithintheperiodprescribedbytheCompaniesAct,2013.BOARD EVALUATION

The performance evaluation of non Independent Directors is done by theIndependentDirectorsofthecompanyattheirmeetingheldon09-02-2019

TheperformanceevaluationofIndependentDirectorsisdonebytheentireBoard


15

ofDirectors,excludingthedirectorbeingevaluatedattheBoardMeetingheldon25-05-2019.

The performance evaluation of the Board was carried out on a questionnairetemplateonthebasisofcriteriasuchasflowofinformationtotheBoard,effectiveroleplayedbytheBoardindecisionmakingetc.TheevaluationofallthedirectorsandtheBoardasawholewasconductedbasedonthecriteriaandframeworkadoptedbytheBoard.TheBoardapprovedtheevaluationresultsascollatedbythenominationandremunerationcommittee.

AseparatemeetingofIndependentDirectorsoftheCompanywasheldduringthe year under review, in which the members evaluated the performanceof theChairmanon the basis of criteria such as giving guidance to theBoardandensuringtheIndependenceoftheBoardetc.TheperformanceoftheNon-IndependentDirectorswasalsoevaluatedonthebasisoftheircontributiontotheBoarddeliberations.POLICYONDIRECTORS’APPOINTMENTANDREMUNERATION

ThepolicyoftheCompanyonDirectors’appointmentandremuneration,includ-ing criteria for determining qualifications, positive attributes, independence ofadirectorandothermattersprovidedunderSubsection(3)ofSection178oftheCompaniesAct,2013,adoptedbytheBoard,isputuponthewebsiteoftheCom-panyatthelink: http://uniroyalmarine.com/wp-content/uploads/2015/06/Code-for-Re-muneration1.pdfGENERAL

YourDirectorsstatethatnodisclosureorreportingisrequiredinrespectofthefollowingitemsastherewerenotransactionsontheseitemsduringtheyearun-derreview:1. Issueofequityshareswithdifferentialrightsastodividend,votingoroth-

erwise.2. Issueofshares(includingsweatequityshares)toemployeesoftheCompa-

nyunderanyscheme.3. DisclosureregardingremunerationorcommissiontoManagingDirectoror

theWhole-timeDirectorsfromsubsidiariesnotapplicablesincethereisnosubsidiaries.

4. Thereisnochangeinthenatureofbusiness.5. NosignificantormaterialorderswerepassedbytheRegulatorsorCourts

orTribunalswhichimpactthegoingconcernstatusandCompany’sopera-tionsinfuture.

6. Therearenomaterialchangesandcommitmentsaffectingthefinancialpo-sitionofthecompanywhichhaveoccurredbetweentheendofthefinancial


16

year2018-19andthedateofthisreport.YourDirectorsfurtherstatethattheCompanyhasinplaceanAntiSexualHarass-mentPolicyandhasacommitteeforpreventionofsexualharassmentofwomenatworkplace.Allemployees (permanent,contractual, temporary, trainees)arecoveredunder this policy.During the year under review, therewere no com-plaintsreceivedpursuanttotheSexualHarassmentofWomenatworkplace(Pre-vention,ProhibitionandRedressal)Act,2013.PARTICULARSOFCONTRACTSORARRANGEMENTSMADEWITHRE-LATED PARTIESAll transactions enteredby theCompanyduring thefinancial yearwith relat-edpartieswereintheordinarycourseofbusinessandonanarm’slengthbasis.Duringtheyear,theCompanyhadnotenteredintoanycontract/arrangement/transactionwithrelatedpartieswhichcouldbeconsideredmaterial.

YourDirectorsdrawnattentionofthememberstoNote30tothefinancialstate-mentwhichsetsoutrelatedpartydisclosures.

CONSERVATIONOFENERGY,RESEARCHANDDEVELOPMENT,TECH-NOLOGYABSORPTION,FOREIGNEXCHANGEEARNINGSANDOUTGOTheparticularsasprescribedunderSub-section(3)(m)ofSection134oftheCom-paniesAct,2013,readwiththeCompanies(Accounts)Rules,2014,areenclosedas Annexure 3totheBoard’sreport.

DIRECTORS’RESPONSIBILITYSTATEMENT

Your Directors state that:i. In the preparation of the annual accounts for the year endedMarch 31,

2019,theapplicableaccountingstandardsreadwithrequirementssetoutunderScheduleIIItotheAct,havebeenfollowedandtherearenomaterialdeparturesfromthesame;

ii. The Directors have selected such accounting policies and applied themconsistently and made judgements and estimates that are reasonableandprudentsoastogiveatrueandfairviewofthestateofaffairsoftheCompanyasatMarch31,2019andoftheprofitoftheCompanyfortheyearendedonthatdate;

iii. TheDirectors have takenproper and sufficient care for themaintenanceofadequateaccountingrecords inaccordancewith theprovisionsof thisAct for safeguarding the assets of the company and for preventing anddetectingfraudandotherirregularities.

iv. The Directors have prepared the annual accounts on a going concern


17

basis.v. TheDirectorshadlaiddowninternalfinancialcontrolstobefollowedby

the company and that such internal financial controls are adequate andwereoperatingeffectively.

vi. TheDirectorshaddevisedpropersystemstoensurecompliancewiththeprovisionsofallapplicablelawsandthatsuchsystemswereadequateandoperatingeffectively.

RISKMANAGEMENT

Duringtheyear,yourDirectorshaveadoptedaRiskManagementPolicywhichisintendedtoformalizetheriskmanagementprocedures,theobjectiveofwhichareidentification,evaluating,monitoring,andminimizingidentifiablerisks.TheriskmanagementpolicyissuccessfullyimplementedbythecompanytoprotectthevalueoftheCompanyonbehalfoftheshareholders.AUDITORSStatutory Auditors

Mr. Sabu Philip, Chartered Accountant (Membership No. 31708), Kottayam,IndependentAuditoroftheCompany,whowereappointedtoholdofficetilltheconclusionoftheAnnualGeneralMeetingtobeheldforthefinancialyear2021-22,areeligibletocontinuetheoffice.Hehasconfirmedhiseligibilitytotheeffectthathisratification,ifmade,wouldbewithintheprescribedlimitsundertheActandthatheisnotdisqualified.

TheNotes on financial statement referred to in theAuditors’ Report are self-explanatoryanddonotcall forany furtherqualification.TheAuditors’Reportdoesnotcontainanyqualification,reservationoradverseremark.AUDITORS’CERTIFICATEONCORPORATEGOVERNANCE

AsrequiredbySEBI(LODR),theauditors’certificateoncorporategovernanceisenclosedasAnnexure 4totheBoard’sreport.SECRETARIAL AUDITOR

Mr.SatheeshKumarNofM/s.Satheesh&Remesh,PractisingCompanySecretaries,Cochin,wasappointedtoconductthesecretarialauditoftheCompanyforthefinancialyear2018-19,asrequiredunderSection204oftheCompaniesAct,2013andRulesthereunder.SECRETARIAL AUDIT REPORT

Secretarial Audit Report, issued by Mr. Satheesh Kumar N of M/s.Satheesh&Remesh,PractisingCompanySecretaries,Cochin,SecretarialAuditorinFormNo.MR-3formspartofthisBoardReportandisannexedherewithasAnnexure5.


18

Whileconfirmingthatthecompanyhascompliedwiththeprovisionsofapplicableacts,rules,etc.theauditorsmadeanobservation.TheBoard’sclarificationsforthesameareasfollows.

Regarding the laws specifically applicable to the Company, the company has to update its records and registers to be maintained under the respective Acts and provisions. Similarly the company has no documentary proof of sending of notice of annual general meeting to the entire share holders and the company has paid additional fee for delay in filing of statutory forms/ returns with Registrar of Companies.

ThecompanyhadtakenactiontoupdatetheregistersrequiredtobemaintainedundertheprovisionsoftheActsspecificallyapplicablewiththecompany.MANAGEMENTDISCUSSIONANALYSIS

Themanagementdiscussionandanalysisof thefinancial conditions includingtheresultoftheoperationsofthecompanyfortheyearunderreviewasrequiredunder Regulation 34(e) of the SEBI (LODR) Regulations, 2015 is separatelyattachedwiththisreportACKNOWLEDGEMENT

Your Directors wish to place on record their sincere gratitude especially toThe Federal Bank Ltd, UCO Bank, Government Authorities, Central ExciseDept.,MPEDA, EIA and other statutory authorities, customers, suppliers andshareholders.YourDirectorsalsowish to thankall theemployees for their co-operation.

ForandonbehalfoftheBoardofDirectors

Sd/-Kochi IpeMathew26/08/2019 Chairman(DIN–01546555)


19

ANNEXURESTOTHEBOARD’SREPORTAnnexure1–Particularsofemployeesa) InformationasperRule5(1)ofChapterXIII,Companies(Appointmentand

RemunerationofManagerialPersonnel)Rules,2014.TheBoardofDirectorsoftheCompanyaffirmsthattheremunerationisaspertheremunerationpolicyoftheCompany.

(i) TheRatioof the remunerationofeachDi-rector to the median remuneration of theemployeesofthecompanyforthefinancialyear2018-19

Director’sName Ratiotomeanremuneration

Mr.AnushKThomas-Manag-ing Director

1:0.80

(ii) ThePercentageincreaseinremunerationofeachDirector,ChiefFinancialOfficer,ChiefExecutive Officer, Company Secretary orManagerifanyinthefinancialyear2018-19comparedto2017-18

Director’s/CFO/CEO/CS/Man-agerName

%increaseinremuneration

Mr.AnushKThomas-Manag-ing Director

NIL

Mr.Benilal Odatt - CompanySecretary

NIL

Ms. Bindu Suresh –Chief Fi-nancialOfficer

NIL

(iii) Percentage increase in the median remu-nerationofemployeesinthefinancialyear2018-19comparedto2017-18

14.65%

(iv) Numberofpermanentemployeesontherollsofthecompany Ason31.03.2019 Ason31.03.2018

78 79(v) Explanationontherelationshipbetween

averageincreaseinremunerationandthecompanyperformance

Asperindustrystandards Asperindustrystandards

(vi) ComparisonoftheremunerationoftheKeyManagerial Personnel against the perfor-manceofthecompany

Particulars Amount&Percentage

TotalamountofremunerationofKMP 8,71,660.00

Revenue for the Financial Year2018-19 42,63,40,702

RemunerationofKMPasa%of Revenue 0.20%

ProfitBeforeTaxfortheFinancialYear2018-19 40,29,232.00

RemunerationofKMPasa%ofProfitBeforeTax

21.63%


20

(ix) ComparisonofeachremunerationoftheKeyManagerial Personnel against the perfor-manceoftheCompany

NameofKeyManagerialpersonnel

Remunerationfortheyearsended

Reason againstperformanceoftheCompany

31.03.19 31.03.18 %change

Mr. Anush K Thomas-Managing Director 252000 252000 NIL

AsperNormalindustrystandards

Mr.SandeepKumarPMr.BenilalOdatt*-CompanySecretary

304500 300000 NILAsperNormalindustrystandards

Mrs.BinduSuresh–ChiefFinancialOfficer 315160 300452 4.90%

AsperNormalindustrystandards

(viii) AveragepercentileincreaseinsalariesofEmployeesotherthanmanagerialpersonnel

During2018-19 During2017-18

8.62% 8.54%

Justificationforincreasewithreasonsforanyexceptionalcircumstances

Normalindustrystan-dardsappliedbasedonincreaseinturnover

(vii) Variation in Details 31.03.2019 31.03.2018

MarketCapitalization-10.81/7.28 7,00,43,395 4,71,70,760

Price Earnings Ratio 17.44 42.97PercentageIncrease/decreaseofmarketquotations

8.10 13.74

NetworthoftheCom-pany 3.85Crores 3.64Crores

*-Remunerationforpartoftheyear-CSappointedonSeptember2017b) InformationasperRule5(2)ofChapterXIII, theCompanies (Appointmentand

RemunerationofManagerialPersonnel)Rules,2014Duringtheyearunderreview,noemployeeoftheCompanywasinreceiptofremuner-ationrequiringdisclosureunderRule5(2)ofChapterXIII,theCompanies(AppointmentandRemunerationofManagerialPersonnel)Rules,2014.

(x) KeyparameterforanyvariablecomponentofremunerationavailedbytheDirectors

NA

(xi) RatiooftheremunerationofthehighestpaidDirectortothatoftheemployeeswhoarenotDirectorsbutreceiveremunerationinexcessthehighestpaiddirectorduringtheyear

1:5.69


21

Annexure 2 FormNo.MGT-9

ExtractofAnnualReturnasonthefinancialyearendedon31.03.2019

[Pursuanttosection92(3)of the Companies Act, 2013 andrule12(1)oftheCompanies (Management andAdministration)Rules,2014]

I.REGISTRATIONANDOTHERDETAILS:

i) CIN:- L15124KL1992PLC006674ii) Registration Date 21/08/1992iii) NameoftheCompany UNIROYAL MARINE EXPORTS LTDiv) Category / Sub-Categoryof the

CompanyPublicCompany/Limitedbyshares

v) AddressoftheRegisteredofficeandcontactdetails

11/19,VengalamPOCalicut-673303,KeralaTel:0496-2633781Fax:0496-2633783E.mail:[email protected]

vi) Whetherlistedcompany Yesvii) Name,AddressandContactde-

tails of Registrar and TransferAgent,ifany

SKDCConsultantsLimitedKanapathyTowers,3rdFloor,1391/A-1,SathyRoad,Ganapathy,Coimbatore641006.(Tel:0422-6549995,Fax:0422-2539837)E.mail:[email protected]

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Allthebusinessactivitiescontributing10%ormoreofthetotalturn-overofthecompanyshallbestated:-

Sl.No.

NameandDescriptionofmainproducts/services

NICCodeoftheProd-uct/service

%tototalturnoverofthe

company*1 Shrimp 102 90.64%2 Squid 102 9.36%

*Onthebasisofgrossturnover


22

III. PARTICULARSOFHOLDING,SUBSIDIARYAND ASSOCIATE COMPANIES

Sl.No.

NameAndAddressOfTheCompany

CIN/GLN Holding/Subsidiary/Associate

%ofsharesheld

ApplicableSection

NA

I.SHAREHOLDINGPATTERN

(EquityShareCapitalBreakupaspercentageofTotalEquity)

i) Category-wise ShareHolding

CategoryofShareholdersNo.ofSharesheldatthebeginningoftheyear

No.ofSharesheldattheendoftheyear

%Change during the year

Demat Physical Total

%of

Total

Shares

Demat Physical Total%ofTotalShares

A Promoters1. Indian

887059 985500 1872559 28.900 922181 916600 1838781 28.378 -0.522

a) Individual/HUF 0 0 0 0.000 0 0 0 0.000 0

b)CentralGovt 0 0 0 0.000 0 0 0 0.000 0

c)StateGovt 0 0 0 0.000 0 0 0 0.000 0

d)BodiesCorp. 0 0 0 0.000 0 0 0 0.000 0

e) Banks/FI 0 0 0 0.000 0 0 0 0.000 0

f)AnyOther…. 0 0 0 0.000 0 0 0 0.000 0

Sub-total (A) (1):- 887059 985500 1872559 28.900 922181 916600 1838781 28.378 -0.522

A (2) Foreigna)Individuals(NRI) 250000 200 250200 3.861 250000 200 250200 3.861 0.000

c)BodiesCorp 0 0 0 0.000 0 0 0 0.000 0

d)Banks/FI 0 0 0 0.000 0 0 0 0.000 0

e)AnyOther…. 0 0 0 0.000 0 0 0 0.000 0

0 0 0 0.000 0 0 0 0.000 0

Sub-total (A)(2):- 250000 200 250200 3.861 250000 200 250200 3.861 0.000

TotalshareholdingofPro-moter (A) = (A)(1)+(A)(2) 1137059 985700 2122759 32.761 1172181 916800 2088981 32.239 -0.522


23

2. Non-Institutionsa)BodiesCorp.i)Indian 51619 8000 59619 0.920 38147 6600 44747 0.691 -0.229

ii)Overseas 0 0 0 0 0 0 0 0 0

b)Individuals 0 0 0 0 0 0 0 0 0

i)Individualshareholdersholdingnominalsharecapi-taluptoRs.1lakh

465959 2373800 2839759 43.827 541110 2289300 2830410 43.683 -0.144

ii)Individualshareholdersholdingnominalsharecapi-talinexcessofRs1lakh

723081 75600 798681 12.326 788703 65500 854203 13.183 0.857

c)Others(specify) 0 0 0 0 0 0 0 0 0

Directors&theirrelatives 540243 0 540243 8.338 540243 0 540243 8.338 0.000

Non Resident Indians 99174 0 99174 1.530 100174 0 100174 1.546 0.016

Clearingmembers 4064 0 4064 0.063 1641 0 1641 0.025 -0.038

HinduUndividedFamilies 14701 0 14701 0.227 18601 0 18601 0.287 0.060

Sub-total (B)(2):- 1898841 2457400 4356241 67.231 2028619 2361400 4390019 67.753 0.522

TotalPublicShareholding(B)=(B)(1)+ (B)(2)

1898841 2457400 4356241 67.231 2028619 2361400 4390019 67.753 0.522

C.SharesheldbyCustodianforGDRs&ADRs

0 0 0 0 0 0 0 0 0

GrandTotal(A+B+C) 3035900 3443600 6479500 100.000 3200800 3278700 6479500 100.000 0.000

B.PublicShareholding1.Institutionsa)MutualFunds 0 0 0 0 0 0 0 0 0

b)Banks/FI 0 500 500 0.008 0 500 500 0.008 0.000

c)CentralGovt 0 0 0 0 0 0 0 0 0

d)StateGovt(s) 0 0 0 0 0 0 0 0 0

e)VentureCapitalFunds 0 0 0 0 0 0 0 0 0

f)InsuranceCompanies 0 0 0 0 0 0 0 0 0

g)FIIs 0 0 0 0 0 0 0 0 0

h)ForeignVentureCapitalFunds

0 0 0 0 0 0 0 0 0

i)Others(specify) 0 0 0 0 0 0 0 0 0Sub-total(B)(1):- 0 500 500 0.008 0 500 500 0.008 0.000


24

*‘PromoterGroup’asdefinedunderSEBI(IssueofCapitalandDisclo-sureRequirements)Regulations,2009asamendedfromtimetotime.

(ii)Shareholding ofPromoters

SlNo.

Shareholder’sName

Shareholding atthebeginningoftheyear

Shareholdingattheendoftheyear

No.ofShares

%oftotalShares ofthecompany(6500000)

%ofShares Pledged/encum-beredtototalshares

No.ofShares

%oftotalSharesofthe company(6479500)

%ofShares Pledged/encum-beredtototalshares

%change in share holdingduring theyear

1 KCBabu 260300 4.018 0.000 260300 4.017 0.000 0.0002 KCThomas 237500 3.666 0.000 237500 3.665 0.000 0.0003 Mohanlal 200100 3.088 0.000 200100 3.088 0.000 0.000

Total 697900 10.770 0.000 697900 10.770 0.000 0.000

(iii)ChangeinPromoters’Shareholding(pleasespecify,ifthereisnochange)

ThereisnochangeintheshareholdingofMr.KCBabu,KCThom-asandMr.MohanlalVNairbetween01/04/2018to31/03/2019

(iv)Shareholding Pattern of top ten Shareholders (other than Directors,PromotersandHoldersofGDRsandADRs):

Sl.No

Shareholdingatthebegin-ning/endoftheyear Date

Increase/Decreasein share-holding

Reason CumulativeShareholdingduringtheyear

Name No.ofshares

%oftotalsharesofthe company

No.ofshares

%oftotalsharesofthecompany

1 TabitaSarahAlex129372 1.997 01/04/2018 0 - 129372 1.997

129372 1.997 31/03/2019 0 - 129372 1.997

2 RintuRebeccaGeorge112400 1.735 01/04/2018 0 - 112400 1.735112400 1.735 31/03/2019 0 - 112400 1.735

3 LissyVarghese207593 3.204 01/04/2018 0 - 207593 3.204207593 3.204 31/03/2019 0 - 207593 3.204

4 GeorgeJohn103796 1.602 01/04/2018 0 - 103796 1.602103796 1.602 31/03/2019 0 - 103796 1.602


25

5 MollyGeorge103796 1.602 01/04/2018 0 - 103796 1.602103796 1.602 31/03/2019 0 - 103796 1.602

6 MeevalMary103796 1.602 01/04/2018 0 - 103796 1.602103796 1.602 31/03/2019 0 - 103796 1.602

7 AleyammaThomas75000 1.157 01/04/2018 0 - 75000 1.15775000 1.157 31/03/2019 0 - 75000 1.157

8 LuxmiKantGupta

59553 0.919 01/04/2018 0 - 59553 0.91959553 0.942 13/04/2018 1500 Bought 61053 0.94261053 0.960 27/04/2018 1156 Bought 62209 0.96062209 0.960 11/05/2018 1 Sold 62208 0.96062208 0.963 18/05/2018 200 Bought 62408 0.96362408 0.965 25/05/2018 100 Bought 62508 0.96562508 0.965 06/07/2018 50 Bought 62558 0.96562558 0.984 13/07/2018 1200 Bought 63758 0.98463758 0.993 20/07/2018 600 Bought 64358 0.99364358 0.995 03/08/2018 100 Bought 64458 0.99564458 0.996 24/08/2018 108 Bought 64566 0.99664566 1.008 31/08/2018 776 Bought 65342 1.00865342 1.010 07/09/2018 100 Bought 65442 1.01065442 1.012 14/09/2018 100 Bought 65542 1.01265542 1.013 19/10/2018 100 Bought 65642 1.01365642 1.019 14/12/2018 366 Bought 66008 1.01966008 1.050 21/12/2018 2000 Bought 68008 1.05068008 1.058 28/12/2018 524 Bought 68532 1.05868532 1.062 25/01/2019 300 Bought 68832 1.06268832 1.065 01/03/2019 181 Bought 69013 1.06569013 1.069 15/03/2019 255 Bought 69268 1.06969268 1.083 22/03/2019 882 Bought 70150 1.08370150 1.091 29/03/2019 550 Bought 70700 1.09170700 1.091 31/03/2019 0 - 70700 1.091

9K.Thomas 50000 0.772 01/04/2018 0 - 50000 0.772

50000 0.772 31/03/2019 0 - 50000 0.772

10 PhilipJoseph0 0 01/04/2018 0 - 0 0

37180 0.574 07/09/2018 37180 Bought 37180 0.57437180 0.574 31/03/2019 - - 37180 0.574


26

(v)ShareholdingofDirectorsandKeyManagerialPersonnel:

Sl.No. Name Shareholdingatthebegin-

ningoftheyearDate

Increase/Decreasein share-holding

ReasonCumulative

Shareholdingduringtheyear

No.ofSharesat The

beginning(01-04-18)/end

oftheYear

(31-03-19)

%oftotalsharesof

the company

No.ofshares

%oftotalsharesofthecom-pany

01 Mr.AnushKThomasManaging Director

0 0 01/04/2018 0 - 0 0

0 0 31/03/2019 0 - 0 0

02 Mr.IypeMathewNon-executiveDirector

24000 0.37 01/04/2018 0 - 24000 0.37

0 0 31/03/2019 0 - 0 0

03 Mr.KCThomasNon-executiveDirector

237500 3.665 01/04/2018 0 - 0 0

237500 3.665 31/03/2019 0 - 237500 3.67

04 Mr.NathRamNon-executiveDirector

0 0 01/04/2018 0 - 0 0

0 0 31/03/2019 0 - 0 0

05 Mr.MohanlalNon-executiveDirector

200100 3.09 01/04/2018 0 - 200100 3.09

200100 3.09 31/03/2019 0 - 200100 3.09

06 Ms.NithyaAlexNon-executiveDirector

307075 4.739 01/04/2018 0 - 307075 4.739

307075 4.739 31/03/2019 0 - 307075 4.739

07 Mr.BenilalOdattCompanySecretary

0 0 01/04/2018 0 - 0 0

0 0 31/03/2019 0 - 0 0

08 Ms. Bindu SureshChiefFinancialOfficer

200 0.003 01/04/2018 0 - 200 0.003

200 0.003 31/03/2019 0 - 200 0.003


27

V. INDEBTEDNESSIndebtednessof the Company including interest outstanding/ac-cruedbutnotdueforpayment

Secured Loansexclud-ingdeposits

Unse-curedLoans

Deposits TotalIndebtedness

Indebtedness atthebegin-ningofthefinancialyeari)PrincipalAmount 146,023,781 5950395 NIL 151974176

ii)Interestduebutnotpaid NIL NIL NIL NIL

iii)Interestaccruedbutnotdue

NIL NIL NIL NIL

Total (i+ii+iii) 146,023,781 5950395 NIL 151974176

ChangeinIndebtednessduringthefinancialyear

· Addition 390199000 NIL NIL

· Reduction 399407786 NIL NIL

NetChange 9208786 NIL NIL

Indebtedness attheendofthefinancialyear

i)PrincipaAmount 136814995 5950395 NIL 142765390

ii)Interestduebutnotpaid NIL NIL NIL NIL

iii)Interestaccruedbutnotdue NIL NIL NIL NILTotal (i+ii+iii) 136814995 5950395 NIL 142765390


28

VI. REMUNERATIONOFDIRECTORSANDKEYMANAGERIALPERSONNEL

A.Remuneration toManagingDirector,Whole-timeDirectorsand/or Manager:

Sl.no.

ParticularsofRemuneration NameofMD/WTD/Manager

TotalAmount(Rs.)

Mr. Anush K Thomas

1. Grosssalary(a)Salaryasperprovisionscontainedinsection17(1)oftheIncome-taxAct,1961 1,80,000 1,80,000

(b)Valueofperquisitesu/s17(2)Income-taxAct,1961 72,000 72,000

(c)Profitsinlieuofsalaryundersection17(3)Income-taxAct,1961

NA NA

2. StockOption NA NA3. SweatEquity NA NA4. Commission

-as%ofprofit-others,specify…

NA NA

5. Others,pleasespecify NA NATotal(A) 2,52,000 2,52,000CeilingaspertheAct 30,00,000(AsperscheduleV)


29

B.Remunerationtootherdirectors:

Sl.No.

ParticularsofRemuneration NameofDirectors Total

Amount

Mr.IypeMathew

Mr. Nath Ram Mr.Mohanlal Mr. K C

Thomas

Ms. NithyaAlex

1. Independent Directors·Feeforattendingboardcommitteemeetings

16000 12,000 - - - 28,000

·Commission - - - - - -·Others,pleasespecify - - - - - -Total(1) 16,000 12,000 - - - 28,0002.OtherNon-Executive Directors·Feeforattendingboardcommitteemeetings - 1,000 8,000 4,000 13,000

·Commission - - - - -·Others,pleasespecify - - - - -Total(2) - - 1,000 8,000 4,000 13,000Total(B)=(1+2) 41,000TotalManagerialRemuneration - - - - - 293000

OverallCeilingaspertheActManagerialPersonnel:30,00,000p.a(AsperscheduleV)NonExecutiveDirectors:SittingFeesOnly


30

C. Remuneration to key managerial personnel other than MD/Manager/WTD

Sl.No.

ParticularsofRemuneration

KeyManagerialPersonnel

Mr.BenilalOdatt*CompanySecretary

Ms. Bindu SureshCFO

Total

1. Grosssalary(a)Salaryasperprovisionscontainedinsection17(1)oftheIncome-taxAct,1961

3,04,500 315160 619660

(b)Valueofperquisitesu/s17(2)Income-taxAct,1961

- - -

(c)Profitsinlieuofsalaryundersection17(3)Income-taxAct,1961

- - -

2. StockOption - - -3. SweatEquity - - -4. Commission

-as%ofprofit-Others,specify…

- - -

5. Others,pleasespecify - - -Total 3,04,500 315160 619660

VII. PENALTIES/PUNISHMENT/COMPOUNDINGOFOFFENCES:Therewerenopenalties/punishment/compoundingofoffencesfortheyearendingMarch31,2019.


31

Annexure 3Conservationofenergy,technologyabsorption,foreign

exchangeearningsandoutgo

EnergyConservationMeasures

TheCompanycontinuesitseffortstoimprovemethodsforenergycon-servationandutilizationby:-

(1) MoreusageofelectricitypurchasedfromKSEB.

(2) Improvedefficiencyofowngenerationbyusageofdieselgenera-toronlyforemergenciesandasstandby.

(3) Intensifiedvigilonwastage/leakagecontrol.

Disclosureofparticularswithrespecttoconservationofenergy

ParticularsEnergyConsumption

during

(A) PowerandConsumption 2018-19 2017-181.Electricityi)PurchasedUnits KWH 1538222 1811568ii)TotalAmount Rs. 10304288 11342064iii)Rateperunit Rs. 6.72 6.262.OwnGenerationthroughDieselGeneratori)Unit KWH 43880 53214ii)Unit/Ltr.ofDieselOil KWH 6.50 6.36iii)CostperUnit Rs. 9.90 9.80

(B) ConsumptionperUnitofProductiona)Electricity KWH 1.84 1.75b)Diesel Ltrs. 0.071 0.050


32

TechnologyAbsorption Research&Development

1. SpecificareasinwhichR&Dcarriedoutbythecompany.a) Qualityup-gradation

b) Developingvarietyproducts

c) Productivityenhancement

d) QualityControlManagement

2. BenefitsderivedasaresultoftheaboveR&Da) Increaseinproductionandcapacityutilization.

b) Repeatorderfromcustomersduetoconsistencyinquality.

ForeignExchangeEarningsandOutgo

ForeignExchangeearnedduringtheyear (OnFOBbasis) -Rs.3720.82lac

i) ForeignExchangeoutgo -Rs.3.56lac


33

Annexure 4Auditors’certificateoncorporategovernance

TotheShareholdersofUniroyalMarineExportsLimited.

I have examined the compliance of conditions of Corporate Gover-nancebyUniroyal Marine Exports Limited,fortheyearendedMarch31, 2019 as stipulated in SEBI (LODR)Regulations 2015 and ListingAgreementoftheCompanywithStockExchanges.

ThecomplianceofconditionsofCorporateGovernanceistherespon-sibilityoftheManagement.Myexaminationwaslimitedtotheproce-duresandimplementationthereof,adoptedbytheCompanyforensur-ingthecomplianceoftheconditionsfortheCorporateGovernance.Itisneitheranauditnoranexpressionofopiniononthefinancialstate-mentsoftheCompany.

Inmyopinionandtothebestofmyinformationandaccordingtotheexplanationsgiventous,IcertifythattheCompanyhascompliedwiththe conditions of Corporate Governance as stipulated in the abovementionedSEBI (LODR)Regulations2015andListingAgreementoftheCompanywithStockExchanges.

Istatethatsuchcomplianceisneitheranassuranceastothefuturevia-bilityoftheCompanynortheefficiencyoreffectivenesswithwhichthemanagementhasconductedtheaffairsoftheCompany.

.

-Sd/-

SABU PHILIP

Place:Kozhikode CharteredAccountantDate:25-05-2019 Membership.No.031708


34

Annexure 5SecretarialauditreportforthefinancialyearendedMarch31,2019

FORM NO. MR-3

SECRETARIAL AUDIT REPORT[Pursuanttosection204(1)oftheCompaniesAct,2013andRuleNo.9oftheCompanies

(AppointmentandRemunerationofManagerialPersonnel)Rules,2014]

To,

TheMembers,UniroyalMarineExportsLimited11/19,Vengalam,POCalicut-673303

We have conducted the secretarial audit of the compliance of applicable statutoryprovisions and the adherence to good corporate practices by M/s. Uniroyal MarineExportsLimited (hereinafter called the company). SecretarialAuditwas conducted inamanner that provided us a reasonable basis for evaluating the corporate conducts/statutorycompliancesandexpressingouropinionthereon.

BasedonourlimitedverificationoftheCompany’sBooks,Papers,MinuteBooks,Formsand Returns filed with regulatory authorities and other records maintained by thecompanyandalso the informationprovidedby theCompany, itsofficers, agentsandauthorizedrepresentativesduringtheconductofsecretarialaudit,weherebyreportthatin our opinion, the companyhas, during thefinancial year endedonMarch 31, 2019(‘AuditPeriod’)notfullycompliedwiththestatutoryprovisionslistedhereunderandalsothattheCompanyhastoimprovecompliancemechanisminplacetotheextent,inthemannerandsubjecttoreportingmadehereinafter:

WefurtherreportthatmaintenanceofproperandupdatedBooks,Papers,MinutesBooks,filing of Forms and Returns with applicable regulatory authorities and maintainingotherrecordsisresponsibilityofmanagementandoftheCompany,ourresponsibilityistoverifythecontentofthedocumentsproducedbeforeus,makeobjectiveevaluationofthecontent inrespectofcomplianceandreportthereon.Wehaveexaminedontestcheckbasis,thebooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbytheCompanyandproducedbeforeusforthefinancialyearendedMarch31,2019,aspertheprovisionsof:1. TheCompaniesAct,2013(theAct)andtheRulesmadethereunder;2. ProvisionsoftheReserveBankofIndiaAct,1934totheextentthesameisapplicable

totheCompany.3. ForeignExchangeManagementAct,1999andtherulesandregulationsmadethere

under to the extent of compliance by the Indian company receiving amount ofconsiderationforissueofsharesundercompany’sstockoptionscheme


35

WefurtherstatesthatastheCompanyisalistedCompanyandthefollowingacts,rules,regulationsareapplicabletotheCompanya. TheSecuritiesContracts(Regulation)Act,1956(‘SCRA’)andtheRulesmadethere

under;b. TheSecuritiesandExchangeBoardofIndia(SubstantialAcquisitionofSharesand

Takeovers)Regulations,2011;c. The Securities and Exchange Board of India (Prohibition of Insider Trading)

Regulations,2015;d. The Securities and Exchange Board of India (Issue of Capital and Disclosure

Requirements)Regulations,2009;e. TheSecuritiesandExchangeBoardofIndia(RegistrarstoanIssueandShareTransfer

Agents)Regulations,1993regardingtheCompaniesActanddealingwithclient;f. TheSecuritiesandExchangeBoardofIndia(DelistingofEquityShares)Regulations,

2009;g. The Securities and Exchange Board of India (Buyback of Securities) Regulations,

1998;h. TheDepositoriesAct,1996and theRegulationsandBye-laws framed thereunder

and i. The Securities and Exchange Board of India (Share Based Employee Benefits)

Regulations,2014Wehavealsoexaminedcompliancewiththeapplicableclausesofthefollowing:(i) SecretarialStandardsissuedbyTheInstituteofCompanySecretariesofIndia.(ii) TheListingAgreementsenteredintobytheCompanywithBSELimited;

We further report that, based on the representation made by the Company and itsOfficersinrespectofsystemsandmechanismformed/followedbytheCompanyandonexaminationoftherelevantdocumentsandrecordsinpursuancethereof,ontestcheckbasis,thefollowinglaws,regulations,directions,ordersareapplicablespecificallytotheCompany:1. FactoriesAct1948.2. IndustrialDisputeAct1947.3. Employee’sStateInsuranceAct1948.4. Employee’sProvidentfundsandMiscellaneousProvisionsAct1952.5. PaymentofGratuityAct1972.6. ChildLabour(ProhibitionandRegulation)Act1986.7. SexualHarassmentofWomenatworkplace(Prevention,ProhibitionandRedressal)

Act2013

BasedontheaforesaidinformationprovidedbytheCompany,wereportthatduringthefinancialyearunderreport, theCompanyhasgenerallycompliedwith theprovisionsoftheabovementionedActs,Rules,Regulations,Guidelines,Standardsetc.mentioned


36

aboveandwehave followingmaterialobservationor instancesofnonCompliance inrespectofthesame:

Regarding the laws specifically applicable to the Company, the company has to update its records and registers to be maintained under the respective Acts and provisions. Similarly the company has no documentary proof of sending of notice of annual general meeting to the entire share holders and the company has paid additional fee for delay in filing of statutory forms/ returns with Registrar of Companies.

WefurtherreportthattheBoardofDirectorsoftheCompanyisdulyconstitutedwithproper balance of Executive Directors, Non- Executive Directors and IndependentDirectors.ThechangesinthecompositionoftheBoardofDirectorsthattookplaceduringtheperiodunderreviewwerecarriedoutincompliancewiththeprovisionsoftheAct.

AdequatenoticewasgiventoallDirectorstoscheduletheBoardMeetings,agendaanddetailednotesonagendaweresentatleastsevendaysinadvanceexceptinfewcases,andareasonablesystemexistsforseekingandobtainingfurtherinformationandclarificationsontheagendaitemsbeforethemeetingandformeaningfulparticipationatthemeeting.Majority decision is carried through and proper system is in place which facilitates/ ensure to capture and record, the dissentingmember’s views, if any, as part of theMinutes.BasedontherepresentationmadebytheCompanyanditsOfficersexplainingus in respect of internal systems andmechanism established by theCompanywhichensurescompliancesofotherActs,LawsandRegulationsapplicable to theCompany,WereportthatthereareadequatesystemsandprocessesintheCompanycommensuratewith thesizeandoperationsof theCompanytomonitorandensurecompliancewithapplicablelaws,rules,regulationsandguidelines.

Wefurtherreportthatduringtheauditperiod,therearenospecificevents/actionshavingamajorbearingontheCompany’saffairsinpursuanceofthelaws,rules,regulations,guidelines,etc,referredtoabove.

For SatheeshandRemesh,CompanySecretaries Sd/-

N.SatheeshKumarNKochi CPNo.6607Date:26.08.2019

Note: This report is to be read with our letter of even date which is annexed as ‘Annexure A’ and forms an integral part of this report.


37

Annexure ATo,TheMembers,UniroyalMarineExportsLimited11/19,Vengalam,POCalicut-673303

Ourreportofevendateistobereadalongwiththisletter.1. Maintenance of Secretarial record is the responsibility of the

managementoftheCompany.Ourresponsibilityistoexpressasopiniononthesesecretarialrecordsbasedonouraudit.

2. We have followed the audit practices and process as wereappropriatetoobtainreasonableassuranceaboutthecorrectnessof the contents of the Secretarial records. The verification wasdoneontest-checkbasistoensurethatcorrectfactsarereflectedinsecretarialrecords.Webelievethattheprocessesandpractices,wefollowedprovideareasonablebasisforouropinion.

3. We have not verified the correctness and appropriateness offinancialrecordsandBooksofAccountsoftheCompany.

4. Where ever required, we have obtained the Managementrepresentationaboutthecomplianceoflaws,rulesandregulationsandhappeningofeventsetc.

5. The compliance of the provisions of Corporate and otherapplicablelaws,Rules,Regulations,standardsistheresponsibilityofmanagement.Ourexaminationwaslimitedtotheverificationofproceduresontest-checkbasis.

6. TheSecretarialAuditReportisneitheranassuranceastothefutureviabilityoftheCompanynoroftheefficacyoreffectivenesswithwhichthemanagementhasconductedtheaffairsoftheCompany.

ForSatheeshandRemesh,CompanySecretaries Sd/-Kochi CSSatheeshKumarNDate:26/08/2019 CP No. 6607


38

MANAGEMENTDISCUSSIONANDANALYSISIndustrystructureanddevelopment

India’s seafood industryhas becomeoneof the leading suppliers ofqualityseafoodtoallthemajormarketsoftheworld.Indiahasworldclass seafood processing plants that follow quality control regimescomplianttostringentinternationalregulatoryrequirements.

The substantial growth of aqua culture farming in northern coastalareas is considered to be themain reason for the growth of Indianseafoodexports.HoweverduetotheheavycompetitionfromVietnam,Indonesia, Thailand etc…, theprofitmargin is very less. TheKeralaregionhadabadyearduetotheexcesscostinvolvedintransportationofaquacultureproductsandthenonavailabilityofseacaughtmaterial.InKeralatheAquacultureopportunitiesarestillunderutilized.

HACCP has helped the Indian seafood industry in becomingmoreorganized and process-oriented. The international trade scenario ischanging fast and the importers are insisting on stringent qualitystandards. Indian Seafood growth has been supplemented by thegrowth of shipment connectivity. India can ship to most of thedestinations in theworld. (Source: International Journal of FisheriesandAquaticStudies)

With the growing demand for Indian seafood products across theworld,thedynamicsoftheseafoodbusinessinIndiaischangingfast.ThoughKeralaregionhadaffectedduetotheexcesscostinvolvedintransportation of aqua culture products. In Kerala theAqua cultureopportunities are still underutilized. Countries to which a majorportion of seafood is destined are becoming increasingly discerningandqualityconscious.Ourcompanywasconsciousaboutmaintenanceof quality.Wehad already taken steps toupgrade the hygienic andsanitaryconditionsoftheworkers,plantandmachinerysoastoensurequalityofthefinishedproduct.WehavesetupanewQualityControlofficewithELISAscreeningkitgivingpriority toantibiotic freefinalproducts.


39

Opportunities/RisksOpportunities1. Our Company enjoys the Green Channel Status for export of

cookedproducttoUSAandalsoapprovalforexportofIQFandBlockfisheryproductstotheEuropeanUnion.

2. Presence of major R&D Institutes like MPEDA, CMFRI, CIFT,NIFPHATT,CIFNET,KUFOS&CUSAT.

3. Aquaculturepotentialinreservoirs,lakes,backwaters,baysandestuariesforfish,bivalvesetc.

4. SeaportconnectivitythroughCochinandupcomingseaportslikeVizhinjam&Colachel.

5. Increasedfreshwaterfishproductionwillhelptoexpandthefishprocessingunitstoinlandareas.

6. Theincreasingdemandforseafoodallovertheworld.

Risks/Threats

1. Riskofdealingwithperishablegoods

2. Availability of raw material would depend upon the seasons;Companyislargelydependentonnaturalseacaughtmaterial.

3. Sellingpricesaregovernedbydemandofgoodsininternationalmarket.

4. ExportrealizationisaffectedbychangesinRupeeDollarexchangerate.

5. Thereisapossibilityoftheshrimpsgettingaffectedbyvirusanddiseaseswhichmayaffecttheavailabilityofculturedshrimp.

InternalControlSystemandtheiradequacy

Company has been maintaining adequate internal control systemscommensuratewiththesizeandvolumeofthebusinesswithrespecttothepurchaseofstocks,rawmaterials(includingcomponents),plantandmachinery,otherassetsandsaleofgoods.Italsoensuresthatalltheassetsofthecompanyareadequatelyprotectedagainstlossandallthetransactionsareproperlyauthorized,recordedandreported.The


40

InternalControlSystemissupplementedbyInternalAuditconductedbyanindependentCharteredAccountant.

FinancialPerformance

Asthecompanyisengagedinmanufactureofmarineproductsonly,segmentwiseanalysisisnotsignificant.

Industrialrelationandhumanresourcemanagement

Your Management firmly believes that success of any organizationcomes from good Human resources. Employees are considered asimportantandvaluableassetsoftheorganizationandkeytoitssuccess.Totalnumberofemployeesdirectlyemployedbythecompanywas78.

Cautionary Statement

Statement given in this section describing the company’s objectives,projection, estimates, and expectations may be “forward lookingstatements”basedonthepresentenvironment,rulesandregulations.The actual result could differ materially from those expressed orimplied. The important factors that couldmake a difference amongothers are economic situation affecting demand and supply, pricefluctuation both indomestic and internationalmarkets inwhich thecompanyoperates, changes inGovt. regulations, consumer taste, taxlaws and other statues and other incidental factors. The companyassumes no responsibility to publicly amend, modify or revise anyof the forward-looking statements on the basis of any subsequentdevelopmentsorevents.


41

REPORTONCORPORATEGOVERNANCE

TheCompany’sreportonCorporateGovernancefortheyearended31.03.2019asrequiredunderSEBI(ListingObligationsandDisclosureRequirements)Regulations,2015;aReportonCorporateGovernanceis presented as under:

I.Philosophy:

TheCompanybelievesthatgoodCorporateGovernanceisanintrinsicpart of its fiduciary responsibility as a responsible corporate citizen.Corporate Governance is about commitment to values and ethicalbusiness conduct. The importance of Corporate Governance hasalwaysbeenrecognizedbyyourDirectors.TheCompany’sphilosophyonCorporateGovernance strives for attaining the optimum level oftransparencyandaccountability inall facetsof itsoperationsandalldealingswithitsshareholders,employees,lenders,creditors,customersandthegovernment.

The Company is in compliance with the mandatory requirementsstipulated under SEBI (LODR) of the Listing Agreements enteredintowith the StockExchangeswith regard to corporate governance.TheCompanyhasimplementedsystemscomplyingwithBRCGlobalStandardforfood.

II.BoardofDirectors:

TheBoardconsistsof6Directors.Mr.IypeMathewistheNon-executiveChairmanandMr.AnushKThomasistheManagingDirectorofthecompany.AlltheotherDirectorsarenon-executiveDirectors.

CompositionoftheBoard

As on 31st March, 2019, the Board of the Company consists of sixDirectors. The composition of the Board is in compliance with therequirementsofSEBI(LODR)oftheListingAgreementexecutedwiththeStockExchanges.

TheBoardperiodicallyreviewstheCompliancereportpertainingtoall


42

lawsapplicabletotheCompany.

MeetingandAttendanceofeachDirectorat theBoardandthe lastAnnualGeneralMeeting

Duringtheperiod2018-19yourBoardmet4times.Theywereon–

1. 29-05-2018

2. 13-08-2018

3. 10-11-2018

4. 09-02-2019

DetailsoftheattendanceoftheDirectorsintheirmeetingandinthelastAGMwithcategorydetailsaregivenbelow:

Sl No.

NameofDirectors

Category Attendance OtherDirector-ship/Committeemembership

Board Meeting

AGM Direc-torship

Com-mitteeMem-ber-ship

1. IypeMathew IndependentNon-executive-Chairman

4 No Nil Nil

2. Anush. K.Thomas

Executive-Managing Director

4 Yes 1 Nil

3. K.CThomas Non-executive 2 No Nil Nil4. V.Mohanlal Non-executive 1 No Nil Nil5. V.S.Nath

RamIndependentNon-executive

3 No Nil Nil

6. NithyaAlex Non-executive 4 Yes 3 Nil

Note:Otherdirectorshipsandcommitteemembershipsareexclusiveofthatheldinprivatelimitedcompanies.


43

III.CommitteesoftheBoardThe Board has constituted three sub-committees, which are AuditCommittee, Stakeholders Relationship Committee and NominationandRemunerationCommittee.EachCommitteeoftheBoardfunctionsaccordingtothetermsofreferenceasapprovedbytheBoard.Meetingof each sub-committee is convened by the respective committeeChairman. The composition and terms of reference of these sub-committeesincludingthenumberofmeetingsheldduringthefinancialyearandtherelatedattendancearegivenbelow:

A. AuditCommittee:Our Audit Committee consists of three Directors as its members.TheyareMr.IypeMathew,Mr.KCThomasandMr.V.S.NathRam.All themembersof theCommitteearenon-executiveDirectors.Shri.IypeMathew,Chairman,isaCharteredAccountant. TheCommitteeassists theBoard in ensuring correctness of theCompany’sfinancialreportinganddisclosureprocesses,internalcontrols,riskmanagementpolicies and processes, appointment and / or reappointment ofStatutoryandInternalAuditorsandassociatedmatters.ThemeetingsoftheCommitteeandattendanceofthemembersduring2018-19areasfollows:

S l .No.

NameofMembers DateofMeetings

29-05-2018 13-08-2018 10-11-2018 09-02-2019

1. IypeMathew p p p p2. K.C.Thomas p p a a3. V.S.NathRam p a p p

p – Present, a – Absent

TheroleandpowersoftheAuditCommitteeareaslaiddownundertheRegulation18readwithPartCofScheduleIItotheSEBILODRandSection177oftheCompaniesAct,2013.


44

B. NominationandRemunerationCommittee

Our Nomination and Remuneration Committee consists of threeDirectorsasitsmembers.TheyareMr.IypeMathew,Mr.KCThomasandMr.V.S.NathRam.All themembers of theCommittee are non-executiveDirectors.Mr.NathRamistheChairmanofthecommitteew.e.f 08.11.2014. The Nomination and Remuneration CommitteereviewstheremunerationpayabletotheManagingDirectorandSeniorManagementofficialsoftheCompanyandadvisingtheBoardoverthegeneralremunerationpoliciesoftheCompany.

ThemeetingsoftheCommitteeandattendanceofthemembersduring2018-19areasfollows:

S l .No.


29-05-2018 13-08-2018 10-11-2018 09-02-20191. V.S.NathRam p a p p2. K.C.Thomas p p a a3. IypeMathew p p p p

p – Present, a – Absent

Remuneration to Directors

NoDirector,except theManagingDirector,drawsanyremunerationfromtheCompany.AsperthetermsandconditionsapprovedbytheShareholders, remunerationof theManagingDirector isRs. 2,52,000p.a(includingperks).

ThesittingfeepayabletotheDirectorsduringtheyear2018-19isasfollows:-

NameofDirector AmountpayableRs.

1. Mr.IypeMathew 16,000.002. Mr.K.C.Thomas 8,000.003. Mr.V.S.NathRam 12,000.00


45

4. Mr.V.Mohanlal 1,000.005 Ms.NithyaAlex 4,000.00

41,000.00

Non-executiveDirector’sshareholding:

Mr.KCThomas : 2,37,500shares

Mr.IypeMathew : Nil

Mr.VMohanlal : 2,00,100shares

Mr.V.S.NathRam : Nil

Ms.NithyaAlex : 307075shares

C. StakeholdersRelationshipCommittee

TheCompanyhasconstitutedStakeholdersRelationshipCommitteetolook into the redressalof complaintsof investors suchas transferorcreditofshares,non-receiptofdividend/notices/annualreportsetc.,andtoapprovethesharetransfer,issueofduplicatesharecertificates,transmissionanddematerializationofequityshares.TheStakeholdersRelationshipCommitteeconsistsofthreeDirectors.TheyareMr.IypeMathew,Mr.KCThomasandMr.V.S.NathRam.Mr.IypeMathewistheChairman

Total number of letters and complaints received and replied to thesatisfactionofshareholdersduringtheyearunderreviewwasNILasonMarch31,2019thereareNILcomplaintspendingwiththeCompany.TheCompanyhasalsoadoptedcodeofinternalproceduresandcodeforpreventionofinsidertradinginthesharesoftheCompany,pursuanttoSecurities&ExchangeBoardofIndia(ProhibitionofInsiderTrading)Regulations, 1992, as amended.TheBoardhasdesignatedCompanySecretaryastheComplianceOfficeroftheCompany.


46

S l .No.


29-05-2018 13-08-2018 10-11-2018 09-02-2019

1. V.S.NathRam p a p p2. K.C.Thomas p p a a3. IypeMathew p p p p

p – Present, a – AbsentNumberofcomplaintspendingason31.03.2019- NILName and Designation of the Compliance Officer(s): Mr. BenilalOdatt,CompanySecretaryistheComplianceOfficerofthecompany.

D. SEPARATEMEETINGSOFINDEPENDENTDIRECTORSAs required by SEBI (LODR), Regulations, 2015 the IndependentDirectors held 01 meeting during the year on 09/02/2019. All twoIndependentDirectorsattendedthesame.TheIndependentDirectorsdiscussed / review the matters specified in Regulation 25 of SEBI(LODR),Regulations,2015.

IV.AnnualGeneralMeetings:ThedetailsofAGMheldduringthelast3yearsareasfollows:

AGM/Year Venue Date&Time Specialresolution

passed

2016 11/19,VengalamP.OKozhikode,Kerala-673303

17thSeptember2016,at2.30pm Nil


09thSeptember2017,at2.30pm

AppointmentofMr.AnushKThomasasManaging Director.


29thSeptember2018,at2.30pm

Delegationofpower s to the board toensure holding ofpromoters shares indematerializedform.

Duringtheyear2018-19,noresolutionwaspassedbypostalballot.Nospecialresolutionisproposedtobeconductedthroughpostalballot.


47

V. Disclosures:

(i) Duringtheyearunderreview,therewerenosignificanttransactionsbythecompanywithitsPromoters,Directors,Relativesetc.thatwouldhavepotentialconflictwiththeinterestofthecompany.

(i) NopenaltyorrestrictionswereimposedonthecompanybyanyStock Exchanges, SEBI or any statutory bodies on any matterrelatedtoCapitalMarketduringthelastthreeyears.

VI. Communication:The Company regularly intimates information like the quarterly /halfyearly/annualfinancialresultsandmediareleasesonsignificantdevelopmentsintheCompanyfromtimetotimeandhavealsobeensubmittedtotheStockExchangesinwhichthesharesoftheCompanyarelisted,toenablethemtopostitintotheirwebsites.Theresultsarealso published in the ‘The Financial Express’ and in ‘Deepika’. TheCompany’s website (www.uniroyalmarine.com) contains a separatededicatedsection‘InvestorRelations’whereshareholders’informationisavailable.TheManagementDiscussionandAnalysis formspartof this annualreport.VII.GeneralShareholdersinformation:DateofBoardmeeting inwhichAccounts for theyear 2018-19wereapproved:25May2019.(i) DateofAGM : 28September2019 Venue : Regd.Office 11/19,VengalamPO ChemancherryPanchayath Kozhikode,673303. Time : 3.00pm

(ii) ThefinancialyearoftheCompanystartsfrom01stAprilofayearandendson31stMarchofthefollowingyear.

(iii) ParticularsofDividendpaid : Nil(iv) BookClosure: : 23/09/19 to 28/09/19


48

(bothdaysinclusive)(v) Sharesarelistedat ` Stock code

1.BombayStockExchangelimited 526113

During the year under review, the Company has paid the AnnualListingfeespayabletoBombayStockExchangeLtd.

(vi) Market Price data:

Monthlyhighandlowpricesofeachmonthduringthelastfinancialyear2018-19aswellasthevolumeofsharestradedattheBSELimitedareasfollows:

MonthBombayStockExchange

High(Rs.) Low(Rs.) No.ofTrades

DeliverableQuantity

Apr-18 14.02 10.00 50 15025May-18 11.2 9.08 25 4130Jun-18 11.1 9.00 31 7306Jul-18 11.55 9.06 49 8026Aug-18 11 9.50 27 6937Sep-18 10.5 9.08 8 890Oct-18 10 7.20 24 4258Nov-18 10.09 7.56 16 2079Dec-18 10.5 7.90 44 7146Jan-19 7.9 6.60 10 1279Feb-19 7.6 6.15 24 3743Mar-19 10.81 7.22 57 5212

(vii) Registrar&ShareTransfer/DematAgents

Company’sShareTransferworkanddematerializationaredoneby SKDC Consultants Limited. Their office is functioning atKanapathyTowers,3rdFloor,1391/A-1,SathyRoad,Ganapathy,Coimbatore-641006.(Phone:0422-6549995,Fax:0422-2539837and


49

email:[email protected]).TheShareholderscancontactthemforallmattersrelatedtotheirshareholdings.

(viii) Sharetransfersystemandliquidity:-

During the year the share transfers which were received inphysicalformandforwhichdocumentswerevalidandcompletein all respects, were processed and the share certificates werereturnedwithintheprescribedtimefromthedateofreceipt.

ThecompanyhasarrangedagreementswithNationalSecuritiesDepositories Limited (NSDL) and Central Depository ServicesLimited (CDSL) for Dematerialisation of shares through SKDCConsultantsLimited.

(ix) ShareholdingpatternasonMarch31,2019

Physicalholdings - 3278700(50.60%)

Dematerialisedmode - 3200800(49.40%)

DistributionofshareholdingasonMarch31,2018

No.ofEquityShares

No.ofMembers

%toTotalMembers

Amount %toTotalShares

1-500 16196 95.70 2063846 31.85501-1000 390 2.30 317821 4.911001-2000 123 0.73 181360 2.802001-3000 42 0.25 107055 1.653001-4000 7 0.04 23858 0.374001-5000 90 0.53 447410 6.915001-10000 33 0.20 255355 3.9410001AND ABOVE 42 0.25 3082795 47.57

Total 16923 100.00 6479500 100.00


50

(x) Categoriesofshareholdersason31/03/2019

Category No.ofshares %ofholdingPromotersandPromoterGroup

1838781 28.38

NRI(Promoters) 250200 3.86FII Nil NilOCB Nil NilIFI Nil NilIMF Nil NilBank 500 0.01BodiesCorporate 44747 0.69Public 4326671 66.77TrustHUF

Nil18601

Nil0.29

Total 6479500 100.00

(xi) OutstandingGDR/ADR-TheCompanyhasnotissuedanyGDR/ADR

Thecompanyhasnotacceptedanyfixeddeposits.

(xii) Locationofplant:-

UniroyalMarineExportsLimited

11/19,VengalamPO,Calicut-673303,Kerala

(xiii) Addressforcorrespondence:–

UniroyalMarineExportsLimited

11/19,VengalamPO,Calicut-673303,Kerala

E-mail - [email protected]

Website - www.uniroyalmarine.comVIII.CEO/CFOCertification

Mr. Anush Kalluvila Thomas, Managing Director and Mrs. BinduSuresh,ChiefFinancialOfficerhasgivenCEO/CFOCertificate to the


51

Board.TheBoardhastakenonrecordtheCEO/CFOCertificateasperthe formatgivenunderLODRat itsmeetingheldonon26th August 2019.

IX.Chairman’sCertificateonCodeofconduct

TheBoardhadadoptedacodeofconductfortheBoardmembersandSeniorManagementpersonneloftheCompany.Therequisitecertificateaffirming the compliance with the Code of conduct has also beenobtainedfromtheBoardmembersandSeniorManagementpersonneltowhomthisCodeofconductisapplicable.

ForandonbehalfoftheBoardofDirectors

-Sd/-

Kochi AnushKThomas

26/08/2019 ManagingDirector(DIN–01254212)


52

INDEPENDENTAUDITOR’SREPORTONTHESTANDALONEFINANCIAL STATEMENTS

TO THE MEMBERS OF UNIROYAL MARINE EXPORTS LIMITED

ReportontheAuditoftheStandaloneFinancialStatements

Opinion

I have audited the accompanying Standalone Financial Statements of UniroyalMarineExportsLimited(“theCompany”),whichcomprisetheStandaloneBalanceSheetasatMarch31,2019,theStandaloneStatementofProfitandLoss(includingOther Comprehensive Income), the Standalone Statement of Changes in Equityand the Standalone Cash Flow Statement for the year then ended and notes tofinancial statements, including a summaryof significant accountingpolicies andotherexplanatoryinformation(hereinafterreferredtoas“theStandaloneFinancialStatements”). Inmyopinionand to thebestofmy informationandaccording totheexplanationsgiventome, theaforesaidStandaloneFinancialStatementsgivetheinformationrequiredbytheCompaniesAct,2013(the‘Act’),inthemannersorequiredandgiveatrueandfairviewinconformitywiththeaccountingprinciplesgenerally accepted in India, of the state of the affairs of the Company as at 31March2019, and its total comprehensive income (comprisingofprofit andothercomprehensiveincome),thechangesinequityanditscashflowfortheyearendedon that date.

BasisforOpinion

IconductedmyauditinaccordancewiththeStandardsonAuditingspecifiedunderSection 143(10) of theAct.My responsibilitiesunder those standards are furtherdescribed in theAuditor’s Responsibilities for theAudit of Standalone FinancialStatementssectionofmyreport.IamindependentoftheCompanyinaccordancewiththeCodeofEthicsissuedbytheInstituteofCharteredAccountantsofIndia(‘ICAI’)togetherwithethicalrequirementsthatarerelevanttomyauditoffinancialstatementsundertheprovisionsoftheActandtherulesthereunder,andIhavefulfilledmyotherethicalresponsibilitiesinaccordancewiththeserequirementsandCodeofEthics.IbelievethattheauditevidencethatIhaveobtainedissufficientandappropriatetoprovideabasisformyopinion.

KeyAuditMatters

Keyauditmattersarethosemattersthat,inmyprofessionaljudgment,wereofmost


53

significanceinmyauditofthestandalonefinancialstatementsofthecurrentperiod.Thesematterswereaddressedinthecontextofmyauditofthestandalonefinancialstatementsasawhole,andinformingmyopinionthereon,andIdonotprovideaseparateopiniononthesematters. Ihavedeterminedthat therearenokeyauditmatterstobecommunicatedinmyreport.

Informationother than theStandaloneFinancialStatementsandAuditor’sRe-portthereon

TheCompany’sBoardofDirectorsisresponsiblefortheotherinformation.TheotherinformationcomprisestheinformationincludedintheAnnualReportbutdoesnotinclude thestandalonefinancial statementsandmyauditor’s report thereon.MyopiniononthestandalonefinancialstatementsdoesnotcovertheotherinformationandIdonotexpressanyformofassuranceconclusionthereon.Inconnectionwithmyaudit of the standalonefinancial statements,my responsibility is to read theother information and, in doing so, consider whether the other information ismaterially inconsistentwith the standalonefinancial statements. If, basedon theworkIhaveperformed,Iconcludethatthereisamaterialmisstatementofthisotherinformation,Iamrequiredtoreportthatfact.Ihavenothingtoreportinthisregard.

Management’sResponsibilityfortheStandaloneFinancialStatements

TheCompany’sBoardofDirectorsisresponsibleforthemattersstatedinSection134(5) of theAct with respect to the preparation of these Standalone FinancialStatements that give a true and fair view of the financial position, financialperformance (including other comprehensive income), changes in equity andcashflowoftheCompanyinaccordancewiththeaccountingprinciplesgenerallyacceptedinIndia,includingtheIndianAccountingStandards(IndAS)prescribedunder Section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act forsafeguardingoftheassetsoftheCompanyandforpreventinganddetectingfraudsandotherirregularities;selectionandapplicationofappropriateaccountingpolicies;making judgments and estimates that are reasonable and prudent; and design,implementationandmaintenanceofadequateinternalfinancialcontrols,thatwereoperatingeffectivelyforensuringtheaccuracyandcompletenessoftheaccountingrecords, relevant to thepreparationandpresentationof theStandaloneFinancialStatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror.Inpreparingthestandalonefinancialstatements,theBoardofDirectorsisresponsibleforassessingtheCompany’sabilitytocontinueasagoingconcern,disclosing,asapplicable,mattersrelatedtogoingconcernandusingthegoingconcernbasisofaccountingunlesstheBoardofDirectorseitherintends


54

toliquidatetheCompanyortoceaseoperations,orhasnorealisticalternativebuttodoso.TheBoardofDirectorsisalsoresponsibleforoverseeingtheCompany’sfinancialreportingprocess.

Auditor’sResponsibilitiesfortheAuditoftheStandaloneFinancialStatements

My objectives are to obtain reasonable assurance aboutwhether the StandaloneFinancial Statements as a whole are free from material misstatement, whetherdue to fraudorerror,and to issueanauditor’s report that includesmyopinion.ReasonableassuranceisahighlevelofassurancebutisnotaguaranteethatanauditconductedinaccordancewithSAswillalwaysdetectamaterialmisstatementwhenitexists.Misstatementscanarisefromfraudorerrorandareconsideredmaterialif,individuallyorintheaggregate,theycouldreasonablybeexpectedtoinfluencetheeconomicdecisionsofusers takenon thebasisof theseStandaloneFinancialStatements.AspartofanauditinaccordancewithStandardsonAuditing,Iexerciseprofessionaljudgmentandmaintainprofessionalskepticismthroughouttheaudit.Ialso:

• Identify and assess the risks of material misstatement of the standalonefinancialstatements,whetherduetofraudorerror,designandperformauditproceduresresponsivetothoserisks,andobtainauditevidencethatissufficientandappropriate toprovideabasis formyopinion.The riskofnotdetectingamaterialmisstatementresulting fromfraud ishigher than foroneresultingfrom error, as fraud may involve collusion, forgery, intentional omissions,misrepresentations,ortheoverrideofinternalcontrol.

• Obtain an understanding of internal control relevant to the audit in orderto design audit procedures that are appropriate in the circumstances.UnderSection143(3)(i)oftheAct,IamalsoresponsibleforexplainingmyopiniononwhethertheCompanyhasadequateinternalfinancialcontrolssysteminplaceandtheoperatingeffectivenessofsuchcontrols.

• Evaluatetheappropriatenessofaccountingpoliciesusedandthereasonablenessofaccountingestimatesandrelateddisclosuresmadebythemanagement.

• Concludeon theappropriatenessofmanagement’suseof thegoingconcernbasisofaccountingand,basedontheauditevidenceobtained,whetheramaterialuncertaintyexistsrelatedtoeventsorconditionsthatmaycastsignificantdoubtontheCompany’sability tocontinueasagoingconcern. If Iconcludethatamaterial uncertainty exists, I am required to draw attention inmy auditor’sreporttotherelateddisclosuresinthestandalonefinancialstatementsor,ifsuchdisclosuresare inadequate, tomodifymyopinion.Myconclusionsarebased


55

ontheauditevidenceobtaineduptothedateofmyauditor’sreport.However,futureeventsorconditionsmaycausetheCompanytoceasetocontinueasagoing concern.

• Evaluate the overall presentation, structure and content of the standalonefinancial statements, including the disclosures, and whether the standalonefinancial statements represent the underlying transactions and events in amannerthatachievesfairpresentation.

Icommunicatewiththosechargedwithgovernanceregarding,amongothermatters,theplannedscopeandtimingoftheauditandsignificantauditfindings,includinganysignificantdeficienciesininternalcontrolthatIidentifyduringmyaudit.

IalsoprovidethosechargedwithgovernancewithastatementthatIhavecompliedwithrelevantethical requirementsregarding independence,andtocommunicatewith themall relationshipsandothermatters thatmayreasonablybe thought tobearonmyindependence,andwhereapplicable,relatedsafeguards.

Fromthematterscommunicatedwiththosechargedwithgovernance,Ideterminethosemattersthatwereofmostsignificanceintheauditofthestandalonefinancialstatementsofthecurrentperiodandarethereforethekeyauditmatters.Idescribethese matters in my auditor’s report unless law or regulation precludes publicdisclosureaboutthematterorwhen,inextremelyrarecircumstances,Ideterminethat a matter should not be communicated in my report because the adverseconsequences ofdoing sowould reasonably be expected to outweigh thepublicinterestbenefitsofsuchcommunication.

ReportonOtherLegalandRegulatoryRequirements

1. As requiredby theCompanies (Auditors’Report)Order, 2016 (the“Order”),issuedbytheCentralGovernmentofIndiaintermsofsub-section(11)ofSection143oftheAct,IgiveintheAnnexure‘A’statementonthemattersspecifiedintheparagraphs3and4oftheOrder,totheextentapplicable.

2. AsrequiredbySection143(3)oftheAct,Ireportthat:

a. Ihavesoughtandobtainedalltheinformationandexplanationswhichtothebestofmyknowledgeandbeliefwerenecessaryforthepurposeofmyaudit;

b. InmyopinionproperbooksofaccountasrequiredbylawhavebeenkeptbytheCompanysofarasitappearsfrommyexaminationofthosebooks;

c. The Balance Sheet, Statement of Profit and Loss (including othercomprehensiveincome),theStatementofChangesinEquityandtheCash


56

FlowStatementdealtwithbythisReportareinagreementwiththebooksofaccount;

d. Inmyopinion,theaforesaidstandalonefinancialstatementscomplywiththeIndianAccountingStandards(IndAS)specifiedunderSection133oftheAct;

e. On thebasisof thewrittenrepresentations received fromthedirectorsasonMarch31,2019takenonrecordbytheBoardofDirectors,noneofthedirectorsaredisqualifiedasonMarch31,2019frombeingappointedasadirectorintermsofSection164(2)oftheAct;

f. WithrespecttotheadequacyoftheinternalfinancialcontrolsoverfinancialreportingoftheCompanyandtheoperatingeffectivenessofsuchcontrols,referstomyseparatereportinAnnexure‘B’;

g. With respect to the othermatters to be included in theAuditor’s ReportinaccordancewithRule11oftheCompanies(AuditandAuditors)Rules,2014,inmyopinionandtothebestofmyinformationandaccordingtotheexplanationsgiventome;

i. TheCompanyhasdisclosedtheimpactofpendinglitigationasatMarch31,2019onitsfinancialpositioninitsstandalonefinancialstatements-ReferNote29tothestandalonefinancialstatements;

ii. TheCompanydidnot have any long-term contracts includingderivativecontractsforwhichtherewereanymaterialforeseeablelosses;and

iii. There were no amounts which were required to be transferred to theInvestorEducationandProtectionFundbytheCompanyduringtheyearendedMarch31,2019.

-Sd/-

Place:Kochi Mr. SABU PHILIPDate:25May2019 CharteredAccountant (ICAI M No 031708)


57

UNIROYAL MARINE EXPORTS LTD.AnnexureAtotheIndependentAuditors’Report

Annexure referred to in paragraph 1 under ‘Report onOther LegalandRegulatoryRequirements’sectionofmyreportofevendateontheaccountsofthecompanyfortheyearended31stMarch2019.1. (a)TheCompanyhasmaintainedproperrecordsshowingfullparticulars,

includingquantitativedetailsandsituationoffixedassets. (b)Thefixedassetsofthecompanyhavebeenphysicallyverifiedbythe

management during the year and no material discrepancies betweenthebook recordsand thephysical inventoryhavebeennoticed. Inmyopinion,thefrequencyofverificationisreasonable.

(c) Inmy opinion and according to the information and explanationsgiventome,thetitledeedsofimmovablepropertiesareheldinthenameoftheCompany

2. (a) I am informed that the inventory has been physically verified bythemanagementduringtheyear.Inmyopinion,thefrequencyofsuchverificationisreasonable.

(b)Thediscrepanciesnoticedon theaforesaidverificationbetween thephysicalstocksandbookrecordswerenotmaterial.

3. Accordingtotheinformationandexplanationsgiventome,theCompanyhas not granted any loan, secured or unsecured to companies, firms,limited liability partnerships or other parties covered in the registerrequired under section 189 of the CompaniesAct, 2013. Accordingly,paragraph3(iii)oftheOrderisnotapplicable

4. Inmyopinionandaccordingtotheinformationandexplanationsgiventome, the Company has not given any loans,made any investments,providedanyguarantees,andgivenanysecuritytowhichtheprovisionsofsection185and186oftheCompaniesAct,2013areapplicable

5. Inmyopinionandaccordingtotheinformationandexplanationsgivento me, the Company has not accepted any deposits and accordinglyparagraph3(v)oftheOrderisnotapplicable.

6. TheCentralGovernmentofIndiahasnotprescribedthemaintenanceof


58

costrecordsundersub-section(1)ofsection148oftheActforanyoftheactivitiesoftheCompany.

7. (a)Thecompanyisgenerallyregularindepositingundisputedstatutorydues includingprovident fund,employeesstate insurance, incometax,salestax,servicetax,goodsandservicetax,customsduty,exciseduty,valueaddedtax,cessandothermaterialstatutoryduesapplicabletoittotheappropriateauthorities.

(b)According to the information and explanations given to me, noundisputedamountspayable in respectofprovident fund, employees’stateinsurance,income-tax,salestax,goodsandservicetax,servicetax,dutyofcustoms,dutyofexcise,valueaddedtax,cessandothermaterialstatutorydueswereinarrearsasatMarch31,2019foraperiodofmorethansixmonthsfromthedatetheybecamepayable.

(c)Accordingtotheinformationandexplanationsgiventomeandtherecordsofthecompanyexaminedbyme,therearenoduesofincome-tax,salestax,servicetax,dutyofcustoms,dutyofexciseandvalueaddedtaxwhichhavenotbeendepositedonaccountofanydispute.

8. Inmyopinionandaccordingtotheinformationandexplanationsgiventome,theCompanyhasnotdefaultedinrepaymentofduestoanyfinancialinstitutions,bankers,governmentordebentureholdersduringtheyear.

9. The company has not obtained any term loans or raised anymoneysby way of initial public offer or further public offer (including debtinstruments)duringtheyear.

10. During the course ofmy examination of the books and records of theCompany,carriedoutinaccordancewiththegenerallyacceptedauditingpractices in India, and according to the information and explanationsgiventome,IhaveneithercomeacrossanyinstanceofmaterialfraudbytheCompanyorontheCompanybyitsofficersoremployees,noticedorreportedduringtheyear,norhaveIbeeninformedofanysuchcasebythemanagement.

11. Accordingtotheinformationandexplanationsgiventome,managerialremunerationhasbeenpaidorprovidedinaccordancewiththerequisiteapprovalsmandatedbytheprovisionsofsection197readwithschedule


59

VtotheCompaniesAct.12. Inmyopinionandaccordingtotheinformationandexplanationsgiven

tome, theCompany isnotaNidhiCompany.Accordingly,paragraph(xii)oftheOrderisnotapplicable.

13. According to the informationandexplanationsgiven tomeandbasedonmy examination of the records of the Company, transactionswiththerelatedpartiesareincompliancewithsection188oftheCompaniesAct, 2013 and the details of such transactions have been disclosed inthestandalonefinancialstatementsof theCompanyasrequiredbytheapplicableIndianaccountingstandards.

14. According to the informationandexplanationsgiven tomeandbasedonmyexaminationoftherecordsoftheCompany,theCompanyhasnotmadeanypreferentialallotmentorprivateplacementofsharesorfullyorpartlyconvertibledebenturesduringtheyear.Accordingly,paragraph(xiv)oftheOrderisnotapplicable.

15. According to the informationandexplanationsgiven tomeandbasedonmyexaminationoftherecordsoftheCompany,theCompanyhasnotentered intonon-cash transactionswithdirectorsorpersonsconnectedwiththem.Accordinglyparagraph(xv)oftheOrderisnotapplicable.

16. According to the informationandexplanationsgiven tomeandbasedonmyexaminationoftherecordsoftheCompany,theCompanyisnotrequiredtoberegisteredundersection45-IAoftheReserveBankofIndiaAct,1934.Accordingly,paragraph(xvi)oftheOrderisnotapplicabletotheCompany.

-Sd/-Place:Kochi Mr. SABU PHILIPDate:25May2019 CharteredAccountant (ICAIMNo031708)


60

UNIROYAL MARINE EXPORTS LTD.AnnexureBtotheIndependentAuditors’Report

FortheyearendedMarch31,2019(referredtoinparagraph2(f) underReportonotherlegalandregulatoryrequirementsection

ofmyreportofevendate)

ReportontheInternalFinancialControlunderClause(i)ofSub-sec-tion3ofSection143oftheCompaniesAct,2013(“theAct”)I have audited the internal financial control over financial reportingof Uniroyal Marine Exports Ltd (“the Company”) as of March 31,2019inconjunctionwithmyauditofthestandaloneINDASfinancialstatementsoftheCompanyfortheyearendedonthatdate.Management’sResponsibilityforInternalFinancialControlsThe Company’s management is responsible for establishing andmaintaininginternalfinancialcontrolbasedontheinternalcontroloverfinancialreportingcriteriaestablishedbytheCompanyconsideringtheessential components of internal control stated in the guidance noteonauditof internalfinancial controlsoverfinancial reporting issuedby the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include thedesign, implementationandmaintenanceofadequateinternalfinancialcontrolsthatwereoperatingeffectivelyforensuringtheorderlyandefficientconductofitsbusiness,includingadherence to company’s policies, the safeguarding of its assets, theprevention and detection of frauds and errors, the accuracy andcompletenessoftheaccountingrecords,andthetimelypreparationofreliablefinancial information, as requiredunder theCompaniesAct,2013.Auditors’ResponsibilityMyresponsibilityistoexpressanopinionontheCompany’sinternalfinancial controls over financial reporting based on my audit. Iconductedmyauditinaccordancewiththeguidancenoteonauditofinternalfinancialcontrolsoverfinancialreporting(the‘GuidanceNote’)and the standards on auditing (the ‘Standards’) issued by ICAI anddeemedtobeprescribedundersection143(10)oftheCompaniesAct,2013,totheextentapplicabletoanauditofinternalfinancialcontrols


61

bothapplicabletoanauditofinternalfinancialcontrolsandbothissuedby the ICAI. Those Standards and theGuidanceNote require that Icomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetheradequateinternalfinancialcontrolsoverfinancialreportingwasestablishedandmaintainedandifsuchcontrolsoperatedeffectivelyinallmaterialrespects.

My audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial control system overfinancial reporting and their operating effectiveness. My audit ofinternalfinancialcontroloverfinancialreporting included,obtaininganunderstandingofinternalfinancialcontroloverfinancialreporting,assessing the risk that a material weakness exists, and testing andevaluating thedesign and operating effectiveness of internal controlbased on the assessed risk. The procedures selected depend on theauditor’s judgment, including theassessmentof therisksofmaterialmisstatement of the standalonefinancial statements,whetherdue tofraudorerror.

I believe that the audit evidence I have obtained is sufficient andappropriatetoprovideabasisformyauditopinionontheCompany’sinternalfinancialcontrolsoverfinancialreporting.MeaningofInternalFinancialControlsoverfinancialreportingA company’s internal financial control over financial reporting isa process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financialstatementsforexternalpurposesinaccordancewithgenerallyacceptedaccounting principles. A company’s internal financial control overfinancialreportingincludesthosepoliciesandproceduresthat

(i) pertain to the maintenance of records that, in reasonable detail,accuratelyand fairly reflect the transactionsanddispositionsoftheassetsofthecompany;

(ii) provide reasonable assurance that transactions are recordedas necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles, and


62

that receipts and expenditures of the company are beingmadeonly in accordance with authorizations of management anddirectorsofthecompany;and

(iii) provide reasonable assurance regarding prevention or timelydetectionofunauthorizedacquisition,use,ordispositionof thecompany’sassetsthatcouldhaveamaterialeffectonthefinancialstatements.

InherentLimitationsofInternalFinancialControlsoverfinancialre-portingBecauseof the inherent limitationsof internalfinancialcontrolsoverfinancialreporting,includingthepossibilityofconclusionorimpropermanagementoverrideofcontrol,materialmisstatementsduetoerroror fraud may occur and not be detected. Also, projections of anyevaluationoftheinternalfinancialcontroloverfinancialreportingtofutureperiodsaresubjecttotheriskthattheinternalfinancialcontroloverfinancial reportingmaybecome inadequatebecauseof changesin conditions, or that the degree of compliancewith the policies orproceduresmaydeteriorate.OpinionInmyopinion,theCompanyhas,inallmaterialrespects,anadequateinternal financial control system over financial reporting and suchinternal financial controls over financial reporting were operatingeffectively as at March 31, 2019, based on the internal control overfinancial reporting criteria established by the Company consideringtheessentialcomponentsofinternalcontrolstatedintheguidancenoteissuedbytheICAI.

-Sd/-

Place:Kochi Mr. SABU PHILIPDate:25May2019 CharteredAccountant (ICAIMNo031708)


63

UNIROYAL MARINE EXPORTS LIMITED BALANCE SHEET AS AT 31ST MARCH, 2019

I. ASSETS (1) Noncurrent asset (a)PropertyplantandEquipment 1 37,238,746 39,959,045 (b) Capitalworkinprogress - 438,772 (c)InvestmentProperty - - (d)Goodwill - - (e)Otherintangibleassets - - (f)Intangibleassetunderdevelopment - - (h)Financialasset 1.Investments - - 2.Tradereceivables - - 3.Loans 2 1,240,583 1,240,583 4.Others - - (i)Deferredtaxasset(Net) 489,519 489,519 (j) Othernoncurrentasset - - Total Non-Current Assets 38,968,848 42,127,919 (2) Current asset (a)Inventories 3 173,650,847 184,766,364 (b)Financialasset 1.Investments - - 2.Tradereceivables 4 14,508,234 21,052,601 3.Cashandcashequivalents 5 5,212,748 1,019,041 4.Bankbalanceotherthan(3)above - - 5.Loans 6 7,935,248 5,586,588 6.Others(tobespecified) - - (c) Currenttaxassets(net) - - (d)Othercurrentasset 7 2,170,772 5,186,368 Total Current Assets 203,477,848 217,610,962 Total asset 242,446,697 259,738,881 II EQUITY AND LIABILITIES (1) Equity (a)Equitysharecapital 8 64,795,000 64,795,000 (b)Otherequity (26,284,919) (28,296,351) TotalEquity 38,510,081 36,498,649

Particular Notes AS ON AS ON 31-03-2019 31-03-2018


64

SignificantAccountingPolicies

Sd Sd Aspermyreportofevendate AnushK.Thomas IypeMathew Sd ManagingDirector Chairman SabuPhilip

(ICAIMemNo.031708) Sd Sd Chartered Accountant ThomasPKoshy BinduSureshChiefExecutive ChiefFinancialOfficer

Sd Place:Kochi BenilalOdatt Date:25May2019 CompanySecretary

Particular Notes AS ON AS ON 31-03-2019 31-03-2018 LIABILITIES (2) Non current liabilities (a)Financialliabilities 1.Borrowings 9 5,950,395 5,950,395 2.Tradepayables - - 3.Otherfinancialliabilities (otherthanthosespecifiedinitem(b) - - (b)Provision 10 5,755,532 4,042,601 (c)Deferredtaxliability(Net) - - Total Non-Current Liabilities 11,705,927 9,992,996 (3) Current liabilities (a) Financialliabilities 1.Borrowings 11 136,814,995 146,023,781 2.Tradepayables 12 54,980,863 66,953,906 3.Otherfinancialliabilities (otherthanthosespecifiedinitem(c) - - (b)Othercurrentliabilities 13 434,831 269,549 (c) Provision 14 Nil Nil (d)Currenttaxasset(Net) - - Total Current Liabilities 192,230,689 213,247,236 TotalEquityandLiabilities 242,446,697 259,738,881


65

UNIROYAL MARINE EXPORTS LIMITEDSTATEMENT OF PROFIT AND LOSS FOR THE YEAR ENDED 31ST MARCH, 2019

SignificantAccountingPolicies


Sd Sd (ICAIMemNo.031708) ThomasPKoshy BinduSuresh CharteredAccountant ChiefExecutive ChiefFinancialOfficer


I. RevenueFromOperation 15 426,088,082 437,323,539 II. OtherIncome 16 252,620 513,107 III. Total Income (I+II) 426,340,702 437,836,646 IV. EXPENSES Costofmaterialsconsumed 17 297,349,660 321,374,403 Purchaseofstock-in-Trade - - ChangesininventoriesoffinishedgoodsStock-in TradeandWork-in-Progress 18 10,879,303 3,470,464 EmployeebenefitExpenses 19 27,453,080 25,952,021 FinanceCost 20 13,620,909 13,933,254 DepreciationandAmortizationexpense 1 5,436,329 5,433,982 OtherExpenses 21 67,571,989 65,226,554 Total Expense (IV) 422,311,270 435,390,678 V. Profit/Lossbeforeexceptionalitemandtax(III-IV) 4,029,432 2,445,968 VI. Exceptionalitem - - VII Profit/Lossbeforetax(V-VI) 4,029,432 2,445,968 VIII Taxexpense (a)CurrentTax - - (b)DeferredTax - - IX. Profit/Lossfortheperiodcontinuing operations(VII-VIII) 4,029,432 2,445,968 X Profit/Lossfromdiscontinuedoperation - - XI. Taxexpenseofdiscontinuedoperation - - XII Profit/Lossfromdiscontinuedoperation (aftertax)(X-XI) - - XIII Profit/Lossfortheperiod(IX+XII) 4,029,432 2,445,968 XIV OthercomprehensiveIncome A (a)Itemthatwillnotbereclassifiedtoprofitorloss (2,018,000) - (b)Incometaxrelatingtoitemsthatwillnotbe reclassifiedtoprofitorloss’ - - B (a)Itemthatwillbereclassifidetoprofitorloss - (b)Incometaxrelatingtoitemsthatwillbe reclassifiedtoprofitorloss’ - XV. Totalcomprehensiveincomefortheperiod(XIII+XIV) 2,011,432 2,445,968 (ComprisingProfit/LossandOtherComprehensive Incomefortheperiod) XVI. EarningsperEquityshare (a) Basic 0.62 0.38 (b) Diluted 0.62 0.38

Particular Notes FOR THE FOR THE YEAR ENDED YEAR ENDED 31-03-2019 31-03-2018


66

UNIROYAL MARINE EXPORTS LIMITEDSTATEMENTOFCHANGESINEQUITY

EquityShare

Capital

OtherEquity ItemsofOtherComprehensive

Income

Totalequityattributabletoequitysharehold-ersoftheCompany

ReservesandSurplus

SecuritiespremiumReserve

Debentureredemptionreserve

GeneralReserve

Capital Reserve

Retained Earnings

Balance at 1 April 2017 6,47,95,000 - - - 2,530,342 (3,32,72,661) - 3,40,52,681

Profitfortheyear - - - - - 24,45,968 - 24,45,968

OtherComprehensiveincome - - - - - - - -

TotalComprehensiveIncomefortheyear - - - - - 24,45,968 - 24,45,968

DeferredHedginggains/lossesandcostofhedging transferredtoinventory - - - - - - - -

Transfertoretainedearningsonacquisitionofsubsidiary - - - - - - - -

Transactionwithownersintheircapacityasowners -

Dividendpaid - - - - - - - -

EmployeeStockOptionexpense - - - - - - - -

Issueofequityshare - - - - - - - -

Balanceat31March2018 6,47,95,000 - 25,30,342 (3,08,26,693 ) - 3,64,98,649

EquityShare

Capital

OtherEquity ItemsofOtherComprehensive

Income

Totalequityattributabletoequity

shareholdersofthe

Company

ReservesandSurplus

SecuritiespremiumReserves

Debentureredemptionreserve

GeneralReserve

Capital Reserve

Retained Earnings

Balance at 1 April 2018 64,795,000 - - - 2,530,342 (3,08,26,693) 3,64,98,649

Profitfortheyear - - - - 40,29,432 40,29,432

OtherComprehensiveincome - - - - - 20,18,000 20,18,000

TotalComprehensiveIncomefortheyear - - - - 40,29,432 20,18,000 20,11,432

DeferredHedginggains/lossesandcostofhedgingtransferredtoinventory - - - - - - -

Transfertoretainedearningsonacquisitionofsubsidiary - - - - - - -

Transactionwithownersintheircapacityas owners

Dividendpaid - - - - - - -

EmployeeStockOptionexpense - - - - - - -

Issueofequityshare - - - - - - -

Balanceat31March2019 64,795,000 - - 25,30,342 2,67,97,261 (20,18,000 ) 3,85,10,081

Aspermyreportofevendateattached ForandonbehalfoftheBoardofDirectors Sd/- Sd/- MrSabuPhilip MrAnushKThomas Chartered Accountant Managing Director

Remeasurements ofnet

Remeasurements ofnet

definedbenefit plans

definedbenefit plans


67

Notesformingpartofaccountsfortheyearended31s

t March2019

Note1.Property,PlantandEquipment

A.P

rope

rty

Plan

t and

Equ

ipm

ent

Cap

ital w

ork

in p

rogr

ess

as o

n 31

Mar

ch 2

019

is R

s. N

il . P

revi

ous

year

- 43

8772

Land

Gr

oss B

lock

Ba

lance

as at

31 M

arch,

2017

24

0352

6 23

1899

08

1195

2078

0 65

9092

0 32

5649

81

0949

33

7410

1 60

5432

10

7158

38

2290

422

1575

1 10

1293

9 17

,08,56

,215

Ad

dition

s

-

-

47

4251

37

2300

26

1331

61

,775

5833

9

63

,500

12,91

,496

Di

spos

als

-

-

-

Ba

lance

as at

31 M

arch,

2018

24

0352

6 23

1899

08

1199

9503

1 69

6322

0 58

6980

87

2724

34

3244

0 60

5432

10

7158

38

2290

422

1575

1 10

7643

9 17

,21,47

,711

Ad

dition

s

-

-

23

6078

1 60

344

2130

81

2537

0 56

454

27

,16,03

0

Di

spos

als

-

-

-

Ba

lance

as at

31 M

arch,

2019

24

0352

6 23

1899

08

1223

5581

2 70

2356

4 80

0061

89

8094

34

8889

4 60

5432

10

7158

38

2290

422

1575

1 10

7643

9 17

,48,63

,741

Ac

cumu

lated

Dep

reciat

ion

Ba

lance

as at

31 M

arch,

2017

-

15

7994

68

8946

5781

46

1722

2 27

2466

79

9283

30

5814

9 48

6757

97

9621

5 14

7820

2 15

751

9653

89

12,67

,54,68

3

Ad

dition

s

-

75

5280

38

9569

1 30

6192

27

746

1034

0 61

070

8158

17

7721

14

6220

0

4556

5 54

,33,98

2

Di

spos

als

-

-

Ba

lance

as at

31 M

arch,

2018

-

16

5547

48

9336

1472

49

2341

4 30

0212

80

9623

31

1921

9 49

4915

99

7393

6 16

2442

2 15

751

1010

954

13,21

,88,66

5

Ad

dition

s

-

75

5280

38

9611

9 28

3342

48

308

1878

7 68

770

8158

16

8243

14

6220

4310

1 54

,36,32

9

Di

spos

als

-

-

Ba

lance

as at

31 M

arch,

2019

-

17

3100

28

9725

7591

52

0675

7 34

8520

82

8410

31

8798

9 50

3073

10

1421

79

1770

642

1575

1.00

1054

055

13,76

,24,99

4

Ne

t Bloc

k

Ba

lance

as at

31 M

arch,

2018

24

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68

Note2:LongTermLoans&Advances

Particulars Asat31March2019

Asat31March2018

a. Security Deposits

Unsecured,consideredgood 1,240,583 1,240,583

b. Loansandadvancestorelatedparties Nil Nil

c. Otherloansandadvances Nil Nil

Total 1,240,583 1,240,583

Note3:Inventoriesa. RawMaterialsandcomponents 890,905 904,390

b. Finished goods 170,993,923 181,873,226

c. Storesandspares 485,531 556,004

d. Consumables 446,600 575,550

e. PackingMaterial 833,888 857,194

Total 173,650,847 184,766,364 * Mode of Valuation: inventories have been valued at lower of cost or net realisable value as taken

valued and certified by the Management* Stores and spares have been valued at cost

Note4:TradeReceivables


Asat31March2018

a. Secured,consideredgood - -

b. Unsecured,consideredgood 14,508,234 21,052,601

c. Doubtful - -

Total 14,508,234 21,052,601

Note1:BilldiscountedwithFederalBankRs.7,91,86,116/-underFDBPlimitwiththem,hasbeendeductedfromthetradereceivabletoarriveatthenetamountrealizable.(PlRef.Note11)Note2:TradereceivablesRs.18,53,291representamountduefromconcernsinwhichthedirectorsortheirrelativesareinterested.

Note5:Cash&Cashequivalents


Asat31March2018

a Balanceswithbanks

i)Bankdeposits 2,513,360 1,901,254

ii)incurrentaccounts 1,703,670 (1,844,773)

b Cash on hand 995,717 962,560

Total 5,212,748 1,019,041


69

Note 6: Loans

a. Security Deposits

Unsecured,consideredgood Nil Nil

b. Loansandadvancestorelatedparties

Unsecured,consideredgood Nil Nil

c. Others

UNSECURED,CONSIDEREDGOOD

i)VAT/GSTReceivable 6,860,211 4,187,802 ii)MatCreditReceivable 184,526 184,526

iii)Advancesrecoverableincashorinkind 890,511 1,214,260

Total 7,935,248 5,586,588

*Loanandadvancestorelatedparties

Directors* Nil Nil

OtherofficersoftheCompany* Nil Nil

Firminwhichdirectorisapartner* Nil Nil

PrivateCompanyinwhichdirectorisamember Nil Nil

Total Nil Nil

Note7:OtherCurrentAssets

Unsecured,consideredgood

DutyDrawBackReceivable 1,652,521

1,125,997

LicenceReceivable - 3,498,745

PrepaidExpenses 504,945 542,271

IncomeTaxDeductedatsource(TDS) 13,306 19,355

Total 2,170,772 5,186,368

Note8:ShareCapital

Particulars

Asat31March2019 Asat31March2018Number Amount Number Amount

a) Authorised 8000000EquitySharesofRs.10/-Each 8,000,000 80,000,000 8,000,000 80,000,000b) Issued, Subscribed & Paid Up SubscribedandfullypaidupEquityshares 64,79,500EquitySharesofRs.10/-Each 6,479,500 64,795,000 6,479,500 64,795,000c) SubscribedbutnotfullyPaidup PartlypaidupEquityshares - - - - 6,479,500 64,795,000 6,479,500 64,795,000


70

d) ReconciliationofNumberofSharesOutstanding

Particulars

EquityShares EquityShares

Number Amount Number Amount

FullypaidSharesoutstandingatthebeginningoftheyear 6,479,500 64,795,000 6,479,500 64,795,000

PartlypaidSharesconvertedintofulllypaidsharesduringtheyearuponreceiptofcashfromshareholders Nil Nil Nil Nil

Sharesboughtbackduringtheyear Nil Nil Nil Nil

Balanceoffullypaidsharesattheendoftheyear 6,479,500 64,795,000 6,479,500 64,795,000

PartlypaidSharesoutstandingatthebeginningoftheyear Nil Nil Nil Nil

PartlypaidSharesconvertedintofulllypaidsharesduringtheyear Nil Nil Nil Nil

Partlypaidsharesforefietedduringtheyear Nil Nil Nil Nil

Balanceofpartlypaidsharesattheendoftheyear NIL NIL NIL NIL

Sharesoutstandingattheendoftheyear 6,479,500 64,795,000 6,479,500 64,795,000

e)Shareholdingmorethan5%ofthetotalshareholding

Asat31March2019 Asat31March2018

NameofShareholderNo.ofSharesheld

%ofHolding

No.ofSharesheld

%of Holding

Not Applicable

f)Sharesheldbyholdingcompany/subsidiary/associates

Asat31March2019

Asat31March2018

NameofCompany Nil Nil

g) Calls Unpaid

Asat31March2019

Asat31March2018

ByDirectors Nil Nil Nil Nil

ByOfficers Nil Nil Nil Nil

Byothers Nil Nil Nil Nil

Notes: 1 Thecompanyhas issuedonlyoneclassofsharesreferredtoasEquityshareshavingapar

valueofRs.10pershare.Eachholderofequityshareisentittledtoonevotepershare.


71

Note 9: Long Term Borrowings


Asat31March2018

Secured

a) Term loans

FromBanks Nil Nil

Fromothers Nil Nil

Unsecured

a) Loansandadvancesfromrelatedparties

LoanFromDirectors Nil Nil

b) Longtermmaturitiesoffinanceleaseobligations Nil Nil

c) OtherLongTermLiabilities Nil Nil

Loanfrom/LiabilitytoOthers** 5,950,395 5,950,395

5,950,395 5,950,395

** Loanfrom/LiabilitytoothersrepresentamountpayabletoErstwhileDirectorofthecompanyincurredatthetimewhenhewasaDirectorofthecompany.Asperclause2(1)(C)(viii)ofCompanies(AcceptanceofDeposits)Rules,2014,thesaidamoutisoutsidethepurviewofdefinitionof“Deposits”andthereforeprovisionsofSection74ofCompaniesAct2013isnotapplicable.

Note10:LongTermProvisions

Particulars Asat31March2019 Asat31March

2018

a) Provisionforemployeebenefits

-Gratuity 5,755,532 4,042,601

Note:TheCompanyispayingcustomarybonusduringOnamfestivaleveryyearandtherforenoprovisionhasbeenmadeforbonusapplyingtheprovisionsoftheBonusAct.

Total 5,755,532 4,042,601


72

NOTE11:ShortTermBorrowings

Secured

a) Loan Repayable on demand

i)FederalBankLtd.EXPORT-PCL** 136,814,995 146,023,781

Total 136,814,995 146,023,781

** Export packing credit limit of Rs. 15 Crores secured by first charge on all the goods to beexportedandthewholeofthecompany’sstockofmarineproductsandalsochargebywayofhypothecationonland,building,machineriesandequipments,andalsopersonalguaranteeofMr.KCBabu.Repayableondemand

** FDBPdiscounted as on 31.3.2019 amounting toRs.7,91,86,116/- under FUBP/FDBPhas beensecuredagainstdocumentoftitletogoods,evidencingexportagainstLCandalsobywayofhypothecationofland,building,machineriesandequipments,andalsopersonalguaranteeofMr.KCBabu.Repayableondemand.Thisamounthasbeendeductedfromtradereceivabletoarriveatthenetrealisableamount.(PleaserefNote:4)

Note 12: Trade Payables

Particulars Asat31March2019 Asat31March2018

a) Trade Payables

-DuetoMicroandSmall enterprises - 1,183,897

-Others** 54,980,863 65,770,009

Total 54,980,863 66,953,906

** OthersincludesanamountofRs.Nil(PreviousyearRs.1,01,09,205/-)payabletoafirminwhichtheDirectorsortheirrelativesareinterested,onaccountofpurchaseofrawmaterialduringtheyearintheordinarycourseofbusiness

** OthersalsoincludesanamountofRs.2,24,000/-(PreviousyearRs2,08,000)payabletoaDirectorforsittingfees/professionalservicesprovidedbyhim

Note13:OtherCurrentLiabilities

a)

CurrentMaturitiesofLongTermDebt

-ForeigncurrencyTermLoanduewithin12months - -

b)

OtherPayables

ForEmployeesBenefits

-ContributiontoPF 246,519 185,205

-ESIpayable 78,801 65,484

-TDSPayable 109,511 18,860

Total 434,831 269,549


73

Note14:ShortTermProvisions

a) Provisionforemployeebenefits Nil Nil

b) Others

-ProposedDividend Nil Nil

-TaxonDividend Nil Nil

Total Nil Nil

Note15:Revenuefromoperations

ParticularsFortheyear

ended31March2019

Fortheyearended31March

2018

Saleofproducts(ExportSalesatC&Frates) 391,887,029

402,476,921

Less:SalesReturn(Export) Nil Nil

DomesticSales

Otheroperatingrevenues 34,201,053 34,846,618

Total 426,088,082 437,323,539

Note16:OtherIncome

SurplusonSaleofFixedAssets - 250,000

Othernon-operatingincome 252,620 263,107

Total 252,620 513,107

Note17:CostofMaterialConsumed

OpeningStock

RawMaterials 904,390 278,450

PackingMaterials 857,194 656,483Consumables 575,550 596,950 2,337,134 1,531,883Add:Purchasesduringtheyear RawMaterials 286,737,550 311,091,485

PackingMaterials 6,895,111 7,285,931Consumables 3,551,258 3,802,238 297,183,919 322,179,654Less:ClosingStock

RawMaterials 890,905 904,390

PackingMaterials 833,888 857,194Consumables 446,600 575,550


74

2,171,393 2,337,134

Total 297,349,660 321,374,403

Note18:Changesininventories

OpeningStock Finished Goods 181,873,226 185,343,690

ClosingStock Finished Goods (170,993,923) (181,873,226)

Total 10,879,303 3,470,464

Note19:EmployeeBenefitsExpense

Particulars Fortheyearended31March2019

Fortheyearended31March2018

SalariesandWages 24,143,837 22,782,254

Contributiontoprovidentandotherfund 1,292,567.00 1,141,153

Gratuity 651,000 816,923

Staffwelfareexpenses 1,365,676.48 1,211,691

Total 27,453,080 25,952,021

Note 20: Finance Cost

Interestexpense 12,658,177 13,024,163

Otherborrowingcosts 962,732 909,091

Total 13,620,909 13,933,254

Note21:OtherExpenses

ShippingFreight&Expenses 20,631,475 19,367,803FactoryExpenses 867,648 754,492Power&Fuel 17,828,178 18,030,571Repairs&Maintenance Building 561,716 298,595 Plant & Machinery 1,895,517 871,808 Others 655,581 3,112,814 788,257 1,958,660

PurchaseExpenses 17,428,288 17,723,798Audit Fee 22a 198,545 200,146Commission&Brokerage 2,603,853 1,780,035Insurance 471,568 618,598ECGCPremium 554,336 1,327,506

Printing&Stationery 93,106 43,448

Rates&Taxes 675,116 741,359Rent 370,946 351,488


75

Travelling&Conveyance 781,385 901,885AdvertisementExpenses 58,703 64,846ForeignTourExpenses - 50,000

Professional&LegalExpenses 1,036,808 356,153SecurityCharges 206,000 195,000TelephoneTelexFaxCharges 65,063 85,228OtherAdministrativeExpenses 588,157 675,539Total 67,571,989 65,226,554

Note 21a: Payment to Auditors

Audit Fee 100,000 100,000

TaxAudit&InternalAudit 50,000 40,000

Certifications 15,000 15,000

ReimbursementofExpenses 33,545 45,146

Total 198,545 200,146

Note22:Earningpershare

Numberofshares 6,479,500 6,479,500

a) (BasicandDiluted)profit 4,029,432 2,445,968

BasicEPS(Rs.) 0.62 0.38

b) Numberofsharesusedincomputingearingpershare 6,479,500 6,479,500

ProfitAfterTax 4,029,432 2,445,968

BasicEPS(Rs.) 0.62 0.38

Note23:Imported/IndigenousvalueofMaterialsandStoresconsumed

Particulars %Fortheyear

ended31March2019

%Fortheyear

ended 31 March2018

Imported:

RawMaterials Nil Nil Nil Nil

Spares&Consumables Nil Nil Nil Nil

Indigenous:

RawMaterials 96 286,751,035 97 310,465,545

Spares&Consumables 4 10,598,625 3 10,908,858

297,349,660 Nil 321,374,403

Note24:ValueofImportsonCIFBasis

RawMaterials Nil Nil

ComponentsandSpareParts Nil Nil


76

CapitalGoods Nil Nil

- -

Note 25: Expenditure in Foreign Curreny

Royalty,KnowHowFee Nil Nil

ProfessionalandConsultancy Nil Nil

Interest Nil Nil

OtherMatters Nil Nil

1.SalesCommission 357,506 Nil

2.ForeignTour Nil Nil

357,506 Nil

Note26:EarningsinForeignExchange

ParticularsFortheyearended31March2019(Rs.

in Crores)

Fortheyearended31March2018(Rs.

in Crores)

ExportsofGoodsonFOBBasis 37.21 38.66

Royalty,Know-How,ProfessionalCharges Nil Nil

InterestandDividend Nil Nil

OtherIncome Nil Nil

Note 27: Segment reportingThecompanyhasonlyonesegment.Thecompany’sopertionpredominentlyrelatedtoprocessingandexportingofmarineproductsandhasdisclosedexportsasitsprimarysegment.Sincetheincomeonaccountofotheractivitiesareonlyincidentaltothemainbusinessofseafoodexportanddoesnotindividuallycontributeto10%ormoreofthetotalrevenuereceiptsasperINDAS-108,separatesegmentreportingisnotapplicable.Localturnoverisnotsignificantintotalturnover.SegmenthasbeenidentifiedintimewithINDAS108onSegmentReporting.OperationofthecompanyisatpresentonlyinIndiawithinasinglegeographicalsegment.

Note28:PreviousyearfiguresPreviousyearfigureshavebeenregrouped,reclassifiedwherevernecessary.


77

Note 29: Contingent Liabilities and commitments

Contingentliabilitiesandcommitments(totheextentnotprovidedfor)

Fortheyearend-ed31March2019

Fortheyearend-ed31March2018

(i) Contingent Liabilities

(a)Claimsagainstthecompanynotacknowledgedasdebt

IncomeTaxdemandunderappeal Nil Nil

(b)Guarantees

1.InfavourofSpl.Tahsildar 127,765 127,765

2.InfavourofKSEB 908,610 957,230

(c) Other money for which the company is contingently liable(BillspurchasedbyBanks) 79,186,116 50,190,265

80,222,491 51,275,260

(ii) Commitments

(a)Estimatedamountofcontractsremainingtobeexecutedoncapitalaccountandnotprovidedfor Nil Nil

(b)Uncalledliabilityonsharesandotherinvestmentspartlypaid Nil Nil

(c)Othercommitments Nil Nil

Nil Nil

TOTAL CONTINGENT LIABILITIES AND COMMITMENTS 80222491 51275260

Note: 30 Related Parties Disclosure

(a)DetailsofRelatedParties:

Descriptionof Relationship NamesofRelatedParties

KeyManagement Personnel Mr.AnushKThomas-ManagingDirector

Mr.IypeMathew-Director

Mr.KCThomas-Director

Ms.NithyaAlex-Director

Mr.Mohanlal-Director

Mr.Nathram-Director

Mr.ThomasPKoshy-ChiefExecutive

Mr.BenilalOdatt,CompanySecretary

Ms.BinduSuresh-ChiefFinancialOfficer


78

CompanyinwhichKMP/RelativesofKMPcanexercisesignificantinfluence

M/s.MaxLabCinemasAndEntertainmentPrivateLimited

M/s.LaabMScreensPrivateLimited

M/s.VismayasMaxStudioComplexPrivateLimited

M/s.AnujaPropertyDevelopersPrivateLimited

M/s.SurefireSecuritiesPrivateLimited

M/s.BabyMemorialHospitalLimited

M/s.CalebSecuritiesPrivateLimited

M/s.AlstonBuildersAndDevelopersPrivateLimited

M/s.AvrutiMallManagementCompanyPrivateLimited

M/s.KenshaBuildersAndDevelopersPrivateLimited

M/s.FreoRentalsAndLeasingPrivateLimited

M/s.GilgalPropertyDevelopersPrivateLimited

M/s.CasperSecuritiesPrivateLimited

M/s.HimaxBuildersIndiaPrivateLimited

M/s.CornelianRealtorsAndDevelopersPrivateLimited

M/s.AcelinProjectsPrivateLimited

M/s.EnsoFinancialConsultancyPrivateLimited

M/s.LexineBuildersAndDevelopersPrivateLimited

M/s.CordatePropertyDevelopersPrivateLimited

M/s.CarltonLogisticsPrivateLimited

M/s.GanyaRealtorsAndDevelopersPvt.Ltd

M/s.NiyogConsultancyServicesPvt.Ltd

M/s.M/s.GavreillaBuilders&DevelopersPvt.Ltd

M/s.BabyMarineEasternExports,Mandapam

M/s.BabyMarineSeafoodRetailPrivateLimited

M/s.Tharian&Iype,CharteredAccountants

M/s.Ramnath&Co

M/s.PranavamArts

M/s.LakshmiAgencies

RelativesofKMPwithwhom transactionshavetakenplace duringtheyear(otherthanthoseintheordinarycourseofbusiness)

NIL


79

(b)DetailsofRelatedPartiestransactionsduringtheyearendedMarch31,2019:

Nameofrelatedparty Natureoftransaction

Fortheyear ended March31,2019

FortheyearendedMarch

31,2018

a. M/s.BabyMarineEasternExports,Mandapam Purchaseofrawmaterial 4,45,93,200.00 4,930,200.00

b. KeyManagementPersonnel:

i. AnushKThomas-ManagingDirector Remuneration 252,000.00 252,000.00

ii.IypeMathew-DirectorSittingfee 16,000.00 18,000.00

TravellingExpense 5,000 2,371

iii.Mohanlal-Director Sittingfee 1,000.00 1,000.00

iv.K.C.Thomas-Director Sittingfee 8,000.00 11,000.00

v.NathRam-Director Sittingfee 12,000.00 13,000.00

vi.NithyaAlex-Director Sittingfee 4,000.00 2,000.00

vii.ThomasPKoshy-ChiefExecutive

Salaries&Allowances 360,000.00 360,000.00

TravellingExpense 3,382.00 109,764.00

viii.SandeepKumar.PSalaries&Allowances

- 137,500.00

162,500.00 *BenilalOdattCompanySecretary 304,500.00

ix.BinduSuresh-CFO Salaries&Allowances 315,160.00 300,452.00

*CSappointedon14thSeptember2017

31.IntheopinionoftheBoardofDirectors,allitemsofCurrentAssets,LoansandAdvancescontinuetohavearealisablevalueofatleasttheamountsatwhichtheyarestatedintheBalancesheetunlessotherwisestated.32.BalancesofTradeReceivables,Loans&AdvancesandTradePayablesaresubjecttoconfirmationandareasperbooksofaccountonly.However,intheopinionofmanagement,thereconciliationwillnothaveanymaterialimpactonprofitabilityofthecompanyfortheyear.

33:ValueofimportsonCIFBasis

Particulars

Particulars

RawMaterials Nil Nil ComponentsandSpares Nil Nil CapitalGoods Nil Nil

Royalty,KnowHowFee Nil Nil ProfessionalandConsultancy Nil Nil Interest Nil Nil OtherMatters





34:Expenditureinforeigncurrency


80

NOTES ON ACCOUNTSNote35:EmployeeBenefitObligationsThe Company provides for gratuity, a defined benefit gratuity plan covering eligibleemployees.Obligationwithregardtothegratuityplanisdeterminedbyanindependentactuarialvaluationonthereportingdate.Theliabilityforthesameisnotfundedagainstplanassets.a.TableshowingreconciliationofDefinedBenefitsObligations(DBO) 31stMarch2019 Presentvalueof(DBO)atstartoftheyear 4,042,601 Service Cost a. CurrentServiceCost 348,000 b. PastServiceCost - c. Loss/(Gain)fromSettlement - InterestCost 303,000 BenefitsPaid (956,069) Re-measurements a. ActuarialLoss/(Gain)fromchangesindemographicassumptions - b. ActuarialLoss/(Gain)fromchangesinfinancialassumptions - c. ActuarialLoss/(Gain)fromexperienceoverthepastyear 2,018,000 Effectofacquisition/(divestiture) - TransferIn/(Out) - Changesinforeignexchangerates - PresentvalueofDBOatendoftheyear 5,755,532

b.TableshowingreconciliationofFairValueofPlanAssets 31stMarch2019FairValueofPlanAssetsatstartoftheyear -TransferIn/(Out) -ContributionsbyEmployer 956,069BenefitsPaid (956,069)InterestIncomeonPlanAssets -Re-measurementsonPlanAssets -Returnonplanassetsexcludingamountincludedinnet interestonthenetdefinedbenefitliability/(asset) -Effectofacquisition/(divestiture) -Changesinforeignexchangerates -


81

FairValueofPlanAssetsatendoftheyear - Actual Return on Plan Assets - Expected Employer Contributions for the coming year -

c.TableshowingexpensesrecognisedintheProfitandLossAccount 31stMarch2019 ServiceCost a. CurrentServiceCost 348,000 b. PastServiceCost - c. Loss/(Gain)fromSettlement - NetInterestonnetdefinedbenefitliability/(asset) 303,000 Employer Expenses 651,000

d.TableshowingNetLiability/(Asset)recognisedintheBalanceSheet 31stMarch2019 PresentValueofDBO 5,755,532 FairValueofPlanAssets - Liability/(Asset)recognisedintheBalanceSheet 5,755,532 FundedStatus[Surplus/(Deficit)] (5,755,532) ExperienceAdjustmentonPlanLiabilities:(Gain)/Loss 2,018,000

e.TableshowingpercentageBreak-downofTotalPlanAssets 31stMarch2019 Equityinstruments 0% Debtinstruments 0% Realestate 0% Derivatives 0% InvestmentFundwithInsuranceCompany 0% Ofwhich,UnitLinked 0% Ofwhich,Traditional/Non-UnitLinked 0% Asset-backedsecurities 0% Structureddebt 0% Cashandcashequivalents 0% Total 100%

Note: None of the assets carry a quoted market price in an active market or represent the entity’s own transfer-able financial instruments or are property occupied by the entity.


82

f.TableshowingActuarialAssumption 31stMarch2019 SalaryGrowthRate 5%p.a. DiscountRate 7.2%p.a. WithdrawalRate 3%p.a. Morality IALM2012-14(Ult.) InterestrateonNetDBO 7.5%p.a. Expectedweightedaverageremainingworkinglife 7years

g.TableshowingmovementinOtherComprehensiveIncome 31stMarch2019 Balanceatstartofyear(Loss)/Gain - Re-measurements on DBO a. Actuarial(Loss)/Gainfromchangesindemographicassumptions - b. Actuarial(Loss)/Gainfromchangesinfinancialassumptions - c. Actuarial(Loss)/Gainfromexperienceoverthepastyear (2,018,000) Re-measurements on Plan Assets Returnonplanassetsexcludingamountincludedinnet interestonthenetdefinedbenefitliability/(asset) - Re-measurement on Asset Ceiling Changesintheeffectoflimitinganetdefinedbenefitassettotheassetceiling - Balanceatendofyear(Loss)/Gain (2,018,000)

h.TableshowingSensitivityAnalysis FYendedon31stMarch2019 Increases1% Decreases1% SalaryGrowthRate DBOincreasesbyRs.374 DBOdecreasesbyRs.343 Discount Rate DBOdecreasesbyRs.333DBOincreasesbyRs.370 WithdrawalRate DBOincreasesbyRs.36 DBOincreasesbyRs.40

i.TableshowingmovementinSurplus/(Deficit) 31stMarch2019 Surplus/(Deficit)atstartoftheyear (4,042,601) Movementduringtheyear CurrentServiceCost (348,000) PastServiceCost -

Morality(increaseinexpectedlifetimeby1year) DBOincreasesbyRs.2Morality(increaseinexpectedlifetimeby3year) DBOincreasesbyRs.4

Note: The sensitivity is performed on the DBO at the respective valuation date by modifying one parameter whilst retaining other parameters constant.


83

NetInterestonnetDBO (303,000) Re-measurements (2,018,000) BenefitsPaid 956,069 Surplus/(Deficit)atendoftheyear (5,755,532)

j.OtherDisclosuresDescriptionofAssetLiabilityMatching(ALM)PolicyAstheplanisunfunded,anALMpolicyisnotapplicable.

DescriptionoffundingarrangementsandfundingpolicythataffectfuturecontributionsTheplan isunfundedandthestatus isunlikelytochangeover thenext fewyears.

MaturityprofileTheaverageexpectedremaininglifetimeoftheplanmembersis7yearsasthevaluationdate.This represents theweightedaverage theof theexpectedre-maininglifetimeofallplanparticipants.Previousyearfigureshavenotbeendisclosedasactuarialvaluationbyinde-pendentactuarywastakenonlyforthecurrentyear.

36.SignificantAccountingPoliciesa) Basisofpreparation:- Thefinancialstatementsofthecompanyhavefinancialstatementshave

been prepared in accordance with the Indian Accounting Standards(hereinafterreferredtoasthe‘IndAS’)asnotifiedbyMinistryofCorpo-rateAffairspursuanttoSection133oftheCompaniesAct,2013readwithRule3oftheCompanies(IndianAccountingStandards)Rules,2015andCompanies(IndianAccountingStandards)AmendmentRules,2016.Thefinancialstatementshavebeenpreparedonanaccrualandgoingconcernbasisandunder thehistoricalcostconvention.Theaccountingpoliciesadopted in the preparation of financial statements are consistentwiththoseofpreviousyear. AllassetsandliabilitieshavebeenclassifiedascurrentandnoncurrentbytheCompany.

b) CurrentandNonCurrentClassification Anyasset/liabilityisclassifiedascurrentifitsatisfiesanyofthefollow-

ing conditions:a) itisexpectedtoberealized/settledinthecompany’snormaloper-

atingcycle;orb) itisexpectedtoberealized/settledwithintwelvemonthsafterthe

reportingdate;c) inthecaseofanasset,


84

i)itisheldprimarilyforthepurposeofbeingtraded;orii) it is cashor cashequivalentunless it is restricted from beingex-

changedorusedtosettlealiabilityforatleasttwelvemonthsafterthereportingdate

d) inthecaseofaliability,thecompanydoesnothaveanuncondition-alrighttodefersettlementoftheliabilityforatleasttwelvemonthsafterthereportingdate.

c) Property,PlantandEquipment:-

Property,plantandequipmentarestatedatcostofacquisitionlessaccu-mulateddepreciationand impairment losses. Cost comprises thepur-chasepriceandanydirectlyattributablecostsofbringing theassets totheirworkingconditionforitsintendeduse.Subsequentcostsareinclud-ed in the asset’s carryingamountor recognisedas a separate asset, asappropriate,onlywhenitisprobablethatfutureeconomicbenefitsasso-ciatedwiththeitemwillflowtotheCompanyandthecostoftheitemcanbemeasuredreliably.AllotherrepairsandmaintenancecostarechargedtotheStatementofProfitandLossduringtheperiodinwhichtheyareincurred.

Gainsorlossesarisingonretirementordisposalofproperty,plantandequipmentarerecognisedintheStatementofProfitandLoss.

Property,plantandequipmentwhicharenotreadyforintendeduseasonthedateofBalanceSheetaredisclosedas“Capitalworkin-progress”.

d) Depreciation:-a. DepreciationonFixedAssetsisprovidedbasedontheusefullifeof

theassetinthemannerprescribedinScheduleIItotheCompaniesAct,2013.

b. IntangibleAssetsarerecognizedonlywhenfutureeconomicbene-fitsarisingoutoftheassetsflowtotheenterpriseandareamortizedovertheirusefulliferangingfrom3to5years.

c. Cashgeneratingunits/Assetsareassessedforpossibleimpairmentatbalancesheetdatesbasedonexternalandinternalsourcesofin-formation.Impairmentlosses,ifany,arerecognizedasanexpenseinthestatementofProfit&Loss.Noprovisionismadeforimpair-mentlossduringtheyear.

e) Inventory:-a. Finishedgoodsarevaluedatcostornetrealizablevaluewhichever

islowerandrawmaterialisatcostascertifiedbythemanagementbasedonFIFOmethod.Costincludesallchargesincurredforbring-ingthegoodstothepointofsales.

b. Consumables,StoresandPackingMaterialsarevaluedatcost lessamountwrittenoff.ThecostformulausedisFirstinFirstOut.


85

f) RevenueRecognition:-

Saleofgoodsisrecognizedwhensignificantrisksandrewardsofowner-shipofthegoodsaretransferredtothecustomer,recoveryoftheconsid-erationisprobableand,theamountofrevenuecanbemeasuredreliablyandallperformanceobligationrelatedtocontractissatisfied.

Otheroperatingrevenueincludesexportincentivesanddutydrawback,andisrecognizedwhentherighttoreceiveisestablished.

g) Exportsalesareshownatcostplusfreight.

h) Employeesbenefits:-

Retirementbenefits:Definedbenefitplans–

ContributionstodefinedcontributionschemessuchasProvidentFundandESIarechargedtotheProfitandLossAccountasincurred.Thecom-panyalsoprovidesforretirementandpost-retirementbenefitsintheformofgratuityandleaveencashment.SuchdefinedbenefitsarechargedtotheProfitandLossAccountbasedonvaluations,asatthebalancesheetdate.Provisionforgratuityliabilityhasbeenmadeonthebasisofinde-pendentactuarialvaluationandthesameisnotfunded.Encashmentofleaveischargedoffattheundiscountedamountintheyearinwhichtherelatedservicesarerendered.

i) Borrowingcosts:-

Borrowingcosts thataredirectlyattributable to theacquisitionorcon-structionofaqualifyingassetwerecapitalizedaspartofthecostofthatassettillsuchtimetheassetisreadyforitsintendeduse.

j) ImpairmentofAssets:-

Ateachbalancesheetdate,theCompanyassesseswhetherthereisanyindicationthatanassetmaybeimpaired.Ifanysuchindicationexists,theCompanyestimatestherecoverableamount.Therecoverableamountisthegreateroftheasset’snetsellingpriceandvalueinuse. Nosuchadjustmentshavebeenmadeduring theyearunder consideration. Inassessingvalueinuse,theestimatedfuturecashflowsarediscountedtotheirpresentvalueattheweightedaveragecostofcapital.Ifthecarryingamountoftheassetsexceedsitsrecoverableamount,animpairmentlossis recognized in theProfitandLossAccount to theextent thecarryingamountexceedstherecoverableamount.

k) Dependingonthefactsofeachcaseandafterstudyingthelegalimplica-tions,theCompanymakesaprovisionwhenthereisapresentobligationas a result of apast eventwhere theoutflowof economic resources isprobableandareliableestimateoftheamountofobligationcanbemade.


86

Provisionsaremeasuredatthebestestimateoftheexpenditurerequiredtosettlethepresentobligationatthebalancesheetdate.Thedisclosureismadeforallpossibleorpresentobligationsthatmaybutprobablywillnot require outflowof resources as contingent liability in thefinancialstatement.

l) TradeReceivables:-Current yearRs. 1,45,08,234/- (Previous year :- Rs.2,10,52,601/)-

m) UseofEstimates:-

Thepreparationoffinancialstatementsinconformitywithgenerallyac-ceptedaccountingprinciples, requiresmanagement tomakeestimatesandassumptionsthataffectthereportedamountsofassetsandliabilities,disclosureofcontingentliabilitiesatthedateofthefinancialstatementsandtheresultsofoperationsduringthereportingyearend. Althoughtheseestimatesarebaseduponmanagement’sbestknowledgeofcurrenteventsandactions,actualresultscoulddifferfromtheseestimates.

n) Taxation

CurrentIncomeTax:–TaxonIncomeforcurrentperiodisNILandMATprovisionapplicableu/s.115isnilfortheyear.

o) DeferredTaxWorking:-DeferredTaxAssetremaininginbookshasnotbeenwrittenoffduringtheyearasthemanagementconsidersthatitwillbemadegoodinthecomingyears.Basedonprudencenoprovisionhasbeenmadeforthecurrentyear.

p) ForeigncurrencytransactionsareaccountedattheprevailingratesonthedateoftransactionandexchangeratedifferencesonmonitoryassetsandliabilityasonclosingdatearedealtintheProfit&LossAccountwhenev-ermaterial.

37. Payment made to Directors As on 31.3.2019 As on 31.3.2018SalarytoManagingDirector 1,80,000 1,80,000HouseRentAllowance 72,000 72,000 2,52,000 2,52,000

TravellingExpensesincurredbyDirectors 5000 2371TravellingExpenses–ForeignTour NIL NILSittingFeetoDirectors 41,000 45,000 Directorsarenotclaiminganycommissionandhencecalculationofnetprofitundersection198oftheCompaniesAct,2013forcomputationofeligiblecom-missiontoDirectorsarenotgiven.


87

38.AdditionalInformation:

MarineDivision

Current Year PreviousYear

i) LicensedCapacity N.A N.Aii) InstalledCapacity 17700MT 17700MTiii) ActualProduction 833MT 925MT

39. NameofSmallScaleIndustriestowhomtheCompanyowesamountsout-standingformorethan30days.

EscortPackagings - Rs.11,83,897 ------------------ ------------------ - Rs.11,83,897

=========== ==============

40. Unsecured Loan:

FromDirectors Nil NilFromOthers(erstwhileDirector) 59,50,395 59,50,395FirmsinwhichDirectorsareinterested Nil Nil ---------------- ------------ 59,50,395 59,50,395 ========== ===========

41.Key Management Personnel:

Mr.AnushK.Thomas,ManagingDirectorandMr.ThomasKoshy,ChiefEx-ecutive.Natureoftransactionswithrelatedparties:

Directors KeyManagement Firms/Companies Personnel inwhich Directors are Interested

Remuneration–MD 2,52,000 3,60,000 -Sittingfee(Directors) 41,000 - -TravellingExpenses 5,000 3,382 -


88

42. Provision forgratuity liabilityhasbeenmadeon thebasisof indepen-dentactuarialvaluationandthesameisnotfunded.Asthecompanywashithertocarryingbusinesslossofearlieryears,andshortageinworkingcapital,thecompanyhasnotfundeddefinedbenefitplansasmandatedinINDAS19‘EmployeesBenefit’.

43. NoamountisduefortransfertoInvestorEducationandProtectionFundinaccordancewithSec.125oftheCompaniesAct,2013,asattheendoftheyear.

44. CashFlowshasbeenpreparedunderthe‘IndirectMethod’assetoutinIndAS7,‘StatementofCashFlows’.

45. Quarterlyfinancial resultsarepublished inaccordancewith the listingagreements.

Sd Sd AspermyreportofevendateAnushK.Thomas IypeMathew SdManagingDirector Chairman SabuPhilip

(ICAIMemNo.031708) Chartered Accountant Sd Sd ThomasPKoshy BinduSureshChiefExecutive ChiefFinancialOfficer



89

UNIROYAL MARINE EXPORTS LTD.CASHFLOWSTATEMENTFORTHEYEARENDED31ST MARCH 2019

2018-19 2017-18

A. CASHFLOWFROMOPERATINGACTIVITIES: Rs. Rs. Rs. Rs.

NetProfit/(Loss)beforetaxandexceptionalitems 4029432 2445968

Adjustmentsfor:

Depreciation&amortisationexpense 5436328.94 5433982

OtherComprehensiveIncome (2018000) 0

InterestExpense 13620909 13933254

17039238 19367237

CashgeneratedfromOperationsbeforeWorking CapitalChanges 21068670 21813204

Adjustmentsfor:

(Increase)/decreaseinothercurrentasset 666936 717769

(Increase)/decreaseintradereceivables 6544367 (19199310)

(Increase)/decreaseininventories 11115517 2647446

Increase/(decrease)intradepayable (11973043) 4720699

Increase/(decrease)innon-currentprovision 1712931 21346

Increase/(decrease)inothercurrentliabilities 165282 8231990 (4394538) (15486588)

Cashgeneratedfromoperations 29300660 6326616

Taxespaid(netofrefunds) 0 0

Cashflowbeforeexceptionalitems 29300660 6326616

Exceptional Items:

Profitfromdiscontinuedoperations 0 0

Amountspaidforotherrestructuringactivities 0 0

Taxespaidforexceptionalitems 0 0

Netcash(usedin)/generatedfromoperating activities-[A] 29300660 6326616

B CASHFLOWFROMINVESTINGACTIVITIES:

PurchaseofFixedAssets (2277258) (1291496)

Purchaseofcapitalworkinprogress 0 (438772)

Cashflowbeforeexceptionalitems (2277258) (1730268)

Exceptional Items:

Considerationreceivedondisposalofsurplusproperties 0 0

Considerationreceivedondisposalofjointventure 0 0

Taxespaidforexceptionalitems 0 0

Netcash(usedin)/generatedfrominvestingactivities-[B] (2277258) (1730268)

C CASHFLOWFROMFINANCINGACTIVITIES:

WorkingCapitalBorrowings\(Repayment) (9208786) 9305362

Interestpaid (13620909) (13933254)


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NOTES:

1. TheabovecashflowstatementhasbeenpreparedundertheindirectmethodsetoutinINDAS-7statementofcashflows.

2. Figuresinbracketsareoutflows.3. Previousyearfigureshavebeenregroupedwherevernecessary.

Netcash(usedin)/generatedfinancingactivities-[C] (22829695) (4627892)

Netincrease/(decrease)incashand cashequivalents-[A+B+C] 4193707 (31544)

Add:Cashandcashequivalentsatthebeginningoftheyear 1019041 1050585

Cash&cashequivalentsasattheendoftheyear 52,12,748 10,19,041


(ICAIMemNo.031708) Sd Sd Chartered Accountant ThomasPKoshy BinduSureshChiefExecutive ChiefFinancialOfficer



91

UNIROYAL MARINE EXPORTS LIMITEDCIN-L15124KL1992PLC006674,Regd.Off:11/19,VengalamPO,Calicut,Kerala-673303

FORMFORFURNISHINGPAN,BANKDETAILS&EMAIL

To

S.K.D.CConsultantsLimited“KanapathyTowers”,3rdFloor,1391/A-1,SathyRoad,GanapathyPost,Coimbatore-641006

(PleasefillintheinformationincapitallettersinEnglishonly.Please√whicheverisapplicable.)

I/Weherebygivemy/ourBankDetailsandPANdetails.

FolioNo ................................................UNIT ................................................................................

Name ...............................................................................................PAN ........................................

SecondHolder ...............................................................................PAN ........................................

Thirdholder ...................................................................................PAN ........................................

EmailID: .........................................................................................................................................

BankName

BranchName

Bank Address

Branch Code AccountType : Savings Current CashCredit

A/cNo :

Iherebydeclarethattheparticularsgivenaretrue,correctandcomplete.Ifanytrans-actionisdelayedornoteffectedatallforreasonsofincompletenessorincorrectnessofinformationsuppliedasabove,Bankwillnotbeheldresponsible.

Date: ————————————— (SignatureofFirstholder)

(asappearingInthechequebook)


92

UNIROYAL MARINE EXPORTS LIMITEDCIN-L15124KL1992PLC006674,Regd.Off:11/19,

VengalamPO,Calicut,Kerala-673303

REMINDER TO SHAREHOLDERS

DearShareholder,

PursuanttoSEBI/HO/MIRSD/DOP1/CIR/P/2018/73DatedApril20,2018,werequestyoutofurnishthefollowingdocumentsalongwiththefilledFORMFORFURNISHINGPAN,BANKDETAILS&EMAIL (page91)touswithin21daysfromthedateofthisreminder.

$ SelfattestedcopyofPANcard(s)ofsole/jointholder(s)ofshares,$ Bankdetails formalongwithoriginalcancelledcheque leafwith

thenameofthesole/firstholderprintedonchequeleaforcopyofbankpassbookattestedbyyourBankManager.

WealsorequestyoutofurnishyourE-mailIDandphone/mobilenum-ber this would facilitate the company to support the Green InitiativemeasurelaunchedbyMinistryofCorporateAffairsandprovidespeedycommunication.

Pleasenotethatw.e.f.01.04.2019,transferofSharesinphysicalmodewill not be processed as per amendment to SEBI (LODR) Regulation 2015.Youareadvisedtodematyourshares


93

UNIROYAL MARINE EXPORTS LIMITEDCIN.L15124KL1992PLC006674

Regd.Off:11/19,VengalamPO,Calicut,Kerala-673303Ph:0496–2633781,2633782,

E-mail:[email protected]|Website:www.uniroyalmarine.com

ATTENDANCE SLIP(Tobepresentedattheentrance)

Reg.Folio/DP&ClientNo:____________________________No.ofSharesHeld:_____________________

I certify that I am a registered Shareholder/Proxy for theregisteredshareholderoftheCompany.Iherebyrecordmypresenceatthe27thAnnualGeneralMeetingoftheCompanytobeheldonSaturday,September28,2019at3.00p.m.attheRegisteredOfficeoftheCompany

Member’sName :.............................................

Proxy’sName :.............................................

Member’s/Proxy’sSignature


94

Uniroyal Marine Exports Limited 25th Annual Report 2016-17

103


95

PROXY FORM(PursuanttoSection105(6)oftheCompaniesAct,2013andRule19(3)oftheCompanies

(ManagementandAdministration)Rules,2014)

CIN : L15124KL1992PLC006674NameoftheCompany : UniroyalMarineExportsLimitedRegisteredOffice : 11/19,VengalamPO,Calicut,Kerala-673303

NameoftheMember(s) : ...................................................................................................Registered address : ...................................................................................................E-mailId : ...................................................................................................FolioNo./ClientIDNo. : ...................................................DP ID No. .............................I/We, being themember(s) holding..............................shares of the above namedCompany,herebyappoint

1.Name: ...............................................................E-mailId: ................................................................Address .................................................................................................................................................................................................................................... Signature: ............................................................... orfailinghim/her2.Name: ................................................................E-mailId: .................................................................Address: ................................................................................................................................................................................................................................... Signature: ................................................................orfailinghim/her3.Name: ................................................................E-mailId: ................................................................Address: ................................................................................................................................................................................................................................... Signature: ................................................................asmy/ourproxytoattendandvote(onapoll)forme/usandonmy/ourbehalfatthe27thAnnualGeneralMeetingoftheCompanytobeheldonSaturday,September28,2019at3.00p.m.attheRegisteredOfficeoftheCompanyandatanyadjournmentthereofinrespectofsuchresolutionsasareindicatedbelow:

ResolutionNo. Resolution

1. Adoptionofaccounts.

2. Re-appointmentofMr.MohanlalVNair

3. RatificationoftheAppointmentofStatutoryAuditor.

4. ReappointmentofMrIypeMathewastheIndependentDirector

5. ReappointmentofMrRamNathastheIndependentDirector

Signedthis…......................……dayof…...........…………….2019

Signatureofshareholder:....................SignatureofProxyholder(s):................................NOTES:1.ThisForminordertobeeffectiveshouldbedulycompletedanddepositedattheRegisteredOfficeoftheCompanynotlessthan48hoursbeforethecommencementoftheMeeting.

AffixRevenueStamp


96

INTENTIO

NALLY LEFT BLANK

UNIROYAL MARINE EXPORTS LIMITED27th ANNUAL REPORT

2018-2019If undelivered :

Uniroyal Marine Exports Limited 11/19, Vengalam P.O., Chemanchery Panchayath,

Kozhikode, Kerala - 673 303, India.

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