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BSE Code : | NSE Symbol : | ISIN:| SECTOR : |

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Key Stats

MARKET CAP (RS CR) 34.03
P/E 19.15
BOOK VALUE (RS) 28.6190222
DIV (%) 0
MARKET LOT 1
EPS (TTM) 1.58
PRICE/BOOK 1.05698929154889
DIV YIELD.(%) 0
FACE VALUE (RS) 10
DELIVERABLES (%)
4

News & Announcements

05-Mar-2024

Oceanic Foods to convene board meeting

15-Feb-2024

Oceanic Foods standalone net profit declines 44.71% in the December 2023 quarter

09-Feb-2024

Oceanic Foods announces board meeting date

19-Jan-2024

Oceanic Foods schedules AGM

05-Mar-2024

Oceanic Foods to convene board meeting

09-Feb-2024

Oceanic Foods announces board meeting date

19-Jan-2024

Oceanic Foods schedules AGM

02-Jan-2024

Oceanic Foods to discuss results

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Peers Comparsion

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Ampro Products Ltd 519345
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Amrut Industries Ltd (Wound-up) 500011 AMRUTIND
Anjani Foods Ltd 511153
Anmol Dairy Ltd (Merged) 519510
Annapurna Swadisht Ltd 535477 ANNAPURNA
ANS Industries Ltd 531406
Apis India Ltd 506166
Aravali Industries Ltd 521339 ARAVALIIND
Asian Lakto Industries Ltd 531285
Asian Vegpro Industries Ltd 530413
Asiatic Food (Exports) Ltd 531133
Avanti Feeds Ltd 512573 AVANTIFEED
Aveer Foods Ltd 543737
AVI Export (India) Ltd (Wound-up) 531379
AVT Natural Products Ltd 519105 AVTNPL
Baba Agro Food Ltd 535007 BABAFOOD
Baba Food Processing India Ltd 91980 BABAFP
Bagrrys India Pvt Ltd 40328
Balaji Foods & Feeds Ltd (Merged) 519291 BALAJIFOOD
Bambino Agro Industries Ltd 519295
Bambino Food Industries Ltd (Merged) 530137
Bharatpur Nutritional Products Ltd 519393
Bikaji Foods International Ltd 543653 BIKAJI
Bilati (Orissa) Ltd 531906
Blue Heavens Agro Industries Ltd 40427
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Genomics Biotech Ltd 524011
Global Foods Ltd 519498
Goa Fruit Specialities Ltd 531477
Godrej Agrovet Ltd 540743 GODREJAGRO
Goel Food Products Ltd 543538
Goga Foods Ltd 40481
Golden Proteins Ltd 519025
Gopal Snacks Ltd 544140 GOPAL
Goyal Salt Ltd 91840 GOYALSALT
Great Western Industrial Ltd 531504
GRM Overseas Ltd 531449 GRMOVER
Gujarat Aqua Industries Ltd 519347
Gujarat Dehyd Foods Ltd 526135
Hatsun Agro Product Ltd 531531 HATSUN
Heritage Foods Ltd 519552 HERITGFOOD
Herman Milkfoods Ltd 519428
Himalaya Food International Ltd 526899
Himalayan Vegefruit Ltd 40263
Himgiri Foods Ltd 519244
Hind Industries Ltd 526307 HINDIND
Hindustan Foods Ltd 519126 HNDFDS
HMA Agro Industries Ltd 543929 HMAAGRO
Inceptum Enterprises Ltd 538541
Indage Restaurants & Leisure Ltd 532264
Indian Food Fermentations Ltd 519365
Indiana Dairy Specialities Ltd (Wound-up) 519329 INDAIRYSPE
Indo Biotech Foods Ltd 519222 INDBIOFOOD
Indo Britain Agro Farms Ltd 530911
Indo Dutch Protiens Ltd 519576
Indo French Biotech Enterprises Ltd 519538 INDOFREBIO
Indusmin Foods Ltd 531128
Industrial Progressive (India) Ltd 526021
Italian Edibles Ltd 92397 ITALIANE
Jagdamba Foods Ltd 519578
Jasmina Industries Ltd 519271
Jay Kailash Namkeen Ltd 544160
Jhandewalas Foods Ltd 540850
K J International Ltd 519548 KJINTL
Kanaiya Foods(I) Ltd 519540
Kartikeya Agro Products Ltd 519435
KCK Industries Ltd 535452 KCK
Kesar Greenfield International Ltd 531967
KMG Milk Food Ltd 519415
Kohinoor Foods Ltd 512559 KOHINOOR
Kore Foods Ltd 500458 PHILCORP
Kothari Fermentation & Biochem Ltd 507474
Kovilpatti Lakshmi Roller Flour Mills Ltd 507598 KLRF
KRBL Ltd 530813 KRBL
Krishival Foods Ltd 535442 KRISHIVAL
KSE Ltd 519421 KSE
Kumaka Industries Ltd 526923 ASHOKORG
Kutch Salt & Allied Industries Ltd 506540
Kwality Ltd 531882 KWALITY
L T Foods Ltd 532783 LTFOODS
Lakshmi Energy & Foods Ltd 519570 LAKSHMIEFL
Lilac Exports Ltd 519608
Lotte India Corporation Ltd 590004 LOTTEINDIA
Lotus Chocolate Company Ltd 523475
Madhur Industries Ltd 519279 MADHURFOOD
Madhusudan Masala Ltd 91841 MADHUSUDAN
Mahaan Foods Ltd 519612
Mahavira Foods Ltd 519433
Manorama Industries Ltd 541974 MANORAMA
Manpasand Beverages Ltd 539207 MANPASAND
Mansarovar Bottling Company Ltd (Merged) 519094
Maxworth Orchards (India) Ltd 500272 MARUTIORGN
Maxworth Orchards International Ltd (Wound-up) 531296
Mayank Cattle Food Ltd 544106
Megastar Foods Ltd 541352 MEGASTAR
Mehar Dairy Industries Ltd 519379 THAPARMILK
Milk Partners India Ltd 519335
Milk Specialities Ltd 519403
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Mishtann Foods Ltd 539594
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Mrs Bectors Food Specialities Ltd 543253 BECTORFOOD
Mukka Proteins Ltd 544135 MUKKA
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Parag Milk Foods Ltd 539889 PARAGMILK
Pioneer Cashew Industries Ltd 531264
Prabhat Dairy Ltd 539351 PRABHAT
Prataap Snacks Ltd 540724 DIAMONDYD
Raghuvansh Agrofarms Ltd 538921
Rajhans Foods Ltd 531193
RCL Foods Ltd 530923
Ready Foods Ltd 519250 READYFOOD
Regent Agro Products Ltd 531848
REI Agro Ltd 532106 REIAGROLTD
Reil Products Ltd (Liquidated) 519524 REILPROD
Rishabh Agro Industries Ltd 519277
Rishabh Food Products Ltd 519179
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Saboo Sodium Chloro Ltd 530461
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Sahas Agro Ltd 519526
Salstar Foods & Beverages Ltd 519075
Sameera Agro and Infra Ltd 91892 SAIFL
Sampre Nutritions Ltd 530617
Sanwaria Consumer Ltd 519260 SANWARIA
Saptarishi Agro Industries Ltd 519238
Sarveshwar Foods Ltd 543688 SARVESHWAR
Sathe Biscuit & Chocolate Co Ltd 507650
Shah Foods Ltd 519031
Shanti Overseas (India) Ltd 538443 SHANTI
Sheetal Cool Products Ltd 540757 SCPL
Sheetal Universal Ltd 91905 SHEETAL
Shiva Egg Products Ltd (Wound-up) 530995
Shri Vardhman Overseas Ltd 512610
Siddhivinayak Dairy & Food Products Ltd 531231
Sita Shree Food Products Ltd 532961 SITASHREE
SKM Egg Products Export (India) Ltd 532143 SKMEGGPROD
Soni Soya Products Ltd 535069 SONISOYA
South Asian Mushroom Ltd 531948
Sparkle Foods Ltd 531313
Spectrum Foods Ltd 531982
Sri Skandan Industries Ltd 531604
Srivari Spices & Foods Ltd 79233 SSFL
SSF Ltd 519385
Sugam Agro-Tech Ltd 531405
Sunil Agro Foods Ltd 530953
Super Bakers (India) Ltd 530735
Supplementary Foods (India) Ltd 519236
SYP Agro Foods Ltd 519313
Tanvi Foods (India) Ltd 540332
Tapi Fruit Processing Ltd 535475 TAPIFRUIT
Tarai Foods Ltd 519285
Tasty Bite Eatables Ltd 519091 TASTYBITE
Tasty Dairy Specialities Ltd 540955
Temptation Foods Ltd(Liquidated) 519228
Thapar Foods Ltd 519162
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Trans Techno Foods Ltd 519496
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Tricom Fruit Products Ltd 531716
Tropical Orchards & Aqua Products Ltd 40250
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Umang Dairies Ltd 500231 UMANGDAIRY
Unified Agro Industries Ltd 519582
Universal Vita Alimentare Ltd 519204
Usher Agro Ltd 532765 USHERAGRO
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Vadilal Industries Ltd 519156 VADILALIND
Varun Beverages Ltd 540180 VBL
Vidiani Agrotech Industries Ltd 526453 VIDANIAGRO
Vinsari Fruitech Ltd 532020
Vintage Foods & Industries Ltd 531940
Virat Crane Industries Ltd 519457
Vishal Agritech India Ltd 531596
Vishal Lakto (India) Ltd 519252
Vishnupriya Agro Industries Ltd 512002
Vistar Amar Ltd 538565
Vital Foods Ltd 523501
Wardwizard Foods & Beverages Ltd 539132
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Western Fruit & Vegetable Ltd 519321
Winfarm Agro Industries Ltd 519381
Zydus Wellness Ltd 531335 ZYDUSWELL

Share Holding

Category No. of shares Percentage
Total Foreign 3659 0.03
Total Institutions 0 0.00
Total Govt Holding 0 0.00
Total Non Promoter Corporate Holding 17393 0.16
Total Promoters 8332500 74.07
Total Public & others 2896448 25.75
Total 11250000 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Oceanic Foods Ltd

The company was incorporated at Jamnagar, in Gujarat as 'Gujarat Oceanic Foods Private Limited', a Private Limited Company, under the provision of the companies Act 1956, issued by the Registrar of companies. Subsequently the name of the company was changed to 'Oceanic Foods Private Limited' vide a special resolution passed in the general meeting of the company and a fresh certificate of incorporation dated January 18, 1994. Further vide special resolution passed by members of the company in the extraordinary general meeting held on August 22, 2016, the company was converted into a public limited company and the name of the company was changed to 'Oceanic foods Limited'. The company is engaged in manufacturing and exporting of dehydrated spices and vegetables. The companies business operations comprises of export products like dehydrated Onion (Red & White), dehydrated Garlic, dehydrated cabbage and dehydrated carrots etc. and also in various forms like flakes, minced, powder, etc. Today, the company has two manufacturing units spread over more than 5 acres in aggregate. Unit I is situated at Lalpur and Unit II is situated at Jamnagar. Unit I is a fully automated plant requiring least manpower, which gives us the competitive edge over other players in terms of quality and hygiene. Unit II carriers out secondary process of dehydration, which includes oven drying and toasting. The company has purchased 100% raw material locally from Gujarat, Maharashtra, Madhya pradesh and Rajasthan and also has an in house laboratory for testing the quality of products. The company believes in manufacturing and delivering quality products and has also its manufacturing processes under constant supervision by qualified food technologist. The company is maintaining quality standard conforming to ISI, FPO and international quality standards like ISO and ADOGA. As a part of continual quality up gradation, the company has adopted ISO 22,000 system certification, Halal certification, Kosher certification as well US FDA registration.

Oceanic Foods Ltd Chairman Speech

Dear Members,

Firstly with Grief profound, we are extremely sad to share with our esteemed members, the irreparable loss of the Founder Promoter, Chairman Emeritus, and the pillar of the Company, Late Shri Vinodrai Patel, (Father of Ajesh and Tulan Patel) on the black day of 26th May 2021 due to COVID-19. As you all Know, the Second wave of COVID-19 has affected all of us in one way or the other, my heart goes out for the families and friends of all those who have lost their loved ones like us or are struggling with health issues due to this pandemic. The pandemic upended the Indian economy, suspended business activities, and brought about unprecedented slowdown across industries. A long and winding journey was embarked with moments of glory and despair, but Oceanic managed to not only survive, but thrive. We steered the tough environment by further fortifying our strengths and leveraging newer opportunities. Besides protecting our current business base, we geared up to make the organization more efficient to take on the Short term Challenges. With pleasure we share with all, company’s 28th (05th Annual Report after it’s listing on the BSE Platform. I would take this opportunity to share with you the another challenging year 2020-21, which has truly been a year of many learnings. Viewed in context of Challenges of the COVID-19 outbreak causing social and economic turbulence, we were able to deliver a good performance and made a considerable progress across business. Despite facing Multiple headwinds, Oceanic delivered the performance of crossing 100 Crores of Revenue from Net sales of Operations. Net Profit for the F. Y 2020-21 stood at Rs 2.22 Crores. Covid-19 presented significant Challenges for our people and our business. To succeed in this uncertain and highly dynamic environment, we need to be agile and seize opportunities in a very short time- frame. We quickly adapted our business approach, mobilized our teams to put in a strong effort despite lockdown restrictions, besides leveraging technology and innovation to address the changing environment and the emerging needs of our consumers. We established a strong presence across the globe and stayed relevant to the Society at large. Oceanic has established highest standards of Quality, in its business since more than four decades. Oceanic has taken many initiatives of energy conservation, green fuel and farmer upliftment. Oceanic continuously invest in Research and Development and drive innovations to build Value added Products. At Oceanic, We are committed to our mission of expanding our Business across the globe, supply finest products and establish Long Term Mutually beneficial Relationships with our customers to promote Healthy Living. We recognize that doing business in a sustainable and responsible manner is integral to ensuring our future viability. Value creation for all stakeholders underpins our business strategy and growth. Adding to that, Overall Food market in India (FMCG) led the growth with a 15% surge with underlying growth of 12.5% in the F. Y 2020-21. Government is promoting Food Industry with subsidies and export incentives, enabling policy environment, fast clearances and regulations aligned with Global rules. Our endeavor to anticipate, understand and respond to our Customers’ needs by creating high quality products, and making them available through innovative and convenient channels has helped us to grow to this stage. We have embraced the right technology to delight our Customers, at the same time advocating the balancing of economic, social and environmental aspects to create a better tomorrow.

The Strengthened performance that Oceanic reported in a COVID year comes from the high degree of resilience that we built in our business through a series of consumer centric and tactical innovations coupled with investments in adding Capacity of our Portfolio products. Our Diversified portfolio helped us successfully navigate the unchartered waters of the pandemic and emerge stronger. As a member in the Board of the company and Chairperson I have witnessed our company growing by achieving many strategic milestones. All thanks to the commitment, passion and encouragement of our associates. On Behalf of entire Board and Management Team of Oceanic, I would like to express my sincere gratitude to all our customers, suppliers, distributers, Partners, shareholders for being with us in these uncertain times.

I would like to place on record my appreciation of entire Oceanic Family who have risen to meet the challenges which this pandemic threw up over the year. I would also thank my Fellow Directors for their valuable guidance and support to the business. I would like to take this opportunity to express my immense gratitude to all of our frontline warriors Police Personnel, Doctors, Health Workers, and Sanitation workers for their efforts in keeping all of us safe during these pandemic days. While we remember 2020-21 for the significant Challenges the year presented in the form of COVID-19, the fact remains that the pandemic is still far from over. With the emergence to Second wave and talks of another wave likely to come in near future, we might have to cope with the related challenges. We are confident that Oceanic is well positioned to meet the Challenges ahead and generated sustainable long term growth. Finally, let me close by thanking all our Shareholders, investors, Business Associates, Consumers, for the trust and confidence they placed on us. We look forward for your support in our endeavour to continue delivering value for all our stakeholders over the coming years.

Stay Healthy, Stay Safe

Thank You

Sincerely yours,

Ajesh Patel

Chairman & Wholetime Director

DIN:00083536.

   

Oceanic Foods Ltd Company History

The company was incorporated at Jamnagar, in Gujarat as 'Gujarat Oceanic Foods Private Limited', a Private Limited Company, under the provision of the companies Act 1956, issued by the Registrar of companies. Subsequently the name of the company was changed to 'Oceanic Foods Private Limited' vide a special resolution passed in the general meeting of the company and a fresh certificate of incorporation dated January 18, 1994. Further vide special resolution passed by members of the company in the extraordinary general meeting held on August 22, 2016, the company was converted into a public limited company and the name of the company was changed to 'Oceanic foods Limited'. The company is engaged in manufacturing and exporting of dehydrated spices and vegetables. The companies business operations comprises of export products like dehydrated Onion (Red & White), dehydrated Garlic, dehydrated cabbage and dehydrated carrots etc. and also in various forms like flakes, minced, powder, etc. Today, the company has two manufacturing units spread over more than 5 acres in aggregate. Unit I is situated at Lalpur and Unit II is situated at Jamnagar. Unit I is a fully automated plant requiring least manpower, which gives us the competitive edge over other players in terms of quality and hygiene. Unit II carriers out secondary process of dehydration, which includes oven drying and toasting. The company has purchased 100% raw material locally from Gujarat, Maharashtra, Madhya pradesh and Rajasthan and also has an in house laboratory for testing the quality of products. The company believes in manufacturing and delivering quality products and has also its manufacturing processes under constant supervision by qualified food technologist. The company is maintaining quality standard conforming to ISI, FPO and international quality standards like ISO and ADOGA. As a part of continual quality up gradation, the company has adopted ISO 22,000 system certification, Halal certification, Kosher certification as well US FDA registration.

Oceanic Foods Ltd Directors Reports

To,

The Members,

OCEANIC FOODS LIMITED

Your directors are pleased to present their 30th Annual Report along with the Audited financial statements for the Financial Year ended 31st March, 2023.

FINANCIAL HIGHLIGHTS:

Sr. No. Particulars For the year ended 31 March 2023 For the year ended 31 March 2022
Revenue
1 Revenue from Operations
a. Revenue from sale of products 8,569.79 11,978.47
b. Other Operating Income 323.16 402.52
2 Other Income 12.46 26.09
3 Total Income (I) 8,905.41 12,407.08
4 Expenses
a. Cost of Material Consumed 6,332.08 9,641.61
b. Purchase of Stock in Trade - -
c. Change in inventory of Finished Goods, Work-in- progress and Stock-in-Trade (58.00) (224.62)
d. Employee Benefits Expense 378.79 355.49
e. Finance Costs 64.14 185.82
f. Depreciation and Amortisation Expense 106.68 99.80
g. Product Development Expense - -
h. Other expenses 1,667.96 2,006.34
5 Total Expenses (II) 8,491.65 12,064.43
6 Profit before Exceptional Items 413.76 342.65
7 Exceptional Items
8 Profit/(Loss) before Tax (III) 413.76 342.65
9 Tax Expense: (IV)
a. Current Tax 110.76 85.71
b. Deferred Tax 1.42 (10.04)
10 Profit/(Loss) for the Year (III - IV= V) 301.58 266.97
11 Other Comprehensive Income (VI)
a. Items that will not be reclassified to profit or Loss
(i) Remeasurement of Post Employment Benefit Obligation (0.60) 1.67
(ii) Income tax relating to remeasurement of Defined Benefit Obligation 0.03 (0.42)
b. Items that will be reclassified to profit or Loss
Total Other Comprehensive Income/ (Expense) for the Year (VI) (0.57) 1.25
12 Total Comprehensive Income/ (Expense) for the Year (V + VI =VII) 301.01 268.22

STATEMENT OF COMPANY'S AFFAIRS AND FUTURE OUTLOOK:

During the Financial year 2022-2023, the Company has earned Net revenue from the operations including other income of Rs 8,905.41 Lakhs as compared to previous year revenue i.e Rs 12,407.08 Lakhs. Further, net profit (after tax) has been increased to Rs. 301.01 Lakhs as compared to previous year net profit of Rs 268.22 Lakhs. At Oceanic, we recognize that ensuring the stability of our financial base is the key to realizing our growth ambitions and creating value for all our stakeholders. To this end, we have always remained disciplined in cost management and driven efficiencies at all levels. We ensure that we have the appropriate level of capital and liquidity to support and protect our operations while continuing to invest in our business to harness the emerging opportunities. We have well defined approach to optimize capital allocation to business growth. We believe in transparent operations and follow a multi-stakeholder approach to interact and build a relationship with the stakeholders. We are a socially responsible organization and are proactive towards the cause of community development.

FINANCIAL STATEMENT:

As per the provisions of the Act and in accordance with the Circulars issued by the Ministry of Corporate Affairs (“MCA”) and Securities and Exchange Board of India, from time to time, the Annual Report 2022-23 containing complete Balance Sheet, Statement of Profit & Loss, other statements and notes thereto, including consolidated financial statements, prepared as per the requirements of Schedule III to the Act, Directors' Report (including Management Discussion & Analysis and Corporate Governance Report) is being sent only via email to all shareholders who have provided their email address(es). The members who have not registered their email ID with the Company can access the Annual Report on the website of the Company www.oceanicfoods.com.

DECLARATION OF DIVIDEND AND TRANSFER OF AMOUNT TO RESERVES:

With a view to plough back profits and in order to conserve resources for future operational purpose, the Board do not recommend any dividend for the financial year 2022-23. Moreover, no amount is being transferred to reserves during the financial year 2022-23.

CHANGE IN NATURE OF BUSINESS:

The Company is engaged in the business of processing and sales of dehydrated vegetables. However, there is no change in the business activity of the Company during the year.

SHARE CAPITAL:

The Authorised Share capital of the Company was Rs 12,00,00,000/- (Rupees Twelve Crores Only) divided into 1,20,00,000/- (One crore Twenty lacs) Equity Shares of Rs 10/- (Rupees Ten Only) each, ranking pari-passu in all respect with the existing equity shares of the Company

The Paid-up Equity share Capital of the Company as on 31st March, 2023 was Rs. 11,25,00,000/- (Rupees Eleven Crores Twenty-Five lacs only) divided into 1,12,50,000 (One Crore Twelve Lakhs Fifty Thousand) Equity Shares of Rs 10/- (Rupees Ten only) each. During the year, the Company has not issued any share with differential voting rights nor granted stock options or sweat equity or any convertible instrument. The Company's

ANNUAL RETURN:

In terms of Section 92(3) read with Rule 12(1) of the Companies (Management and Administration) Rules, 2014, the Annual Return in Form MGT-7 is placed on the website of the company, is available at the Company's website www.oceanicfoods.com at the link https://www.oceanicfoods.com/index.php/investors/annual-return

BOARD MEETINGS AND INDEPENDENT DIRECTORS MEETING:

During the year under review, 9 (Nine) number of Board meetings were held on 26/08/2022, 30/08/2022, 27/09/2022, 11/10/2022, 31/10/2022, 18/11/2022, 20/11/2022, 21/11/2022 and 07/02/2023 and requisite quorum was present at the said meetings.

The Company has no pecuniary relationships with the independent directors except sitting fees for attending meetings of the Board/committees thereof.

Pursuant to the provisions of the Companies Act, 2013 and Rules framed thereunder read with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 formal annual evaluation is to be made by the Board of its own performance and that of its Committees and Individual Directors. The Board after taking into consideration the criteria of evaluation laid down by the Nomination and Remuneration Committee in its policy such as Board Composition, level of involvement, performance of duties, attendance etc. had evaluated its own performance, the performance of its committees and Independent Directors (excluding the Director being evaluated). The performance evaluation of the Non-Independent Directors was also carried out by the independent Directors. The Directors expressed their satisfaction with the evaluation process and performance of the Board as a whole

BOARD'S RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 134 (5) of the Companies Act, 2013, with respect to the Directors' Responsibility Statement, the Directors confirm that:

a) in the preparation of the annual accounts, the applicable accounting standards had been followed and there are no material departures from the same; b) the directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit of the company for that year; c) the directors have taken proper and sufficient care to the best of their knowledge and ability for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; d) the directors had prepared annual accounts on a going concern basis; e) the directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and are operating effectively; f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and such systems were adequate and operating effectively;

RELATED PARTY TRANSACTIONS:

All Related Party Transactions, which were entered into during the Financial Year under review, were on an arm's length basis, and in the ordinary course of business and are in compliance with the applicable provisions of the Act and the SEBI Listing Regulations. All Related Party Transactions are placed before the Audit Committee. There were no materially significant Related Party Transactions made by the Company during the year that required shareholders' approval under Regulation 23 of the SEBI Listing Regulations. Therefore, the disclosure in Form AOC-2 pursuant to compliance of Section 134(3)(h) of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014 is not required. The disclosures as required are provided in IND-AS in relation to transactions with related parties which are given in the notes to the Financial Statements.

STATUTORY AUDITOR AND AUDITOR'S REPORT:

M/s. Maharishi & Co, Chartered Accountants (ICAI Firm Registration No. 124872W) were appointed as statutory auditors of the Company at twenty fifth AGM to hold office upto thirtieth AGM. The Auditors' Report does not contain any qualification, reservation or adverse remark and the Notes on financial statements referred to in the Auditors' Report are self-explanatory and do not require any further comment thereon that may call for any explanations from the Board of Directors.

And the Notes on financial statements referred to in the Auditors' Report are self-explanatory and do not require any further comment thereon that may call for any explanations from the Board of Directors. Subject to approval of members in the ensuing Annual General Meeting, Kamlesh Rathod & Associates, Chartered Accountants (FRN: 117930W) will be appointed as the Statutory Auditor of the Company for the FY 2023-24 to FY 2027-28 i.e., from conclusion of 30th Annual General Meeting till conclusion of 35th Annual general Meeting to be held on 2028.

SECRETARIAL AUDITOR AND SECRETARIAL AUDIT REPORT:

The Secretarial Audit Report for the Financial Year ended on March, 31 2023 is Annexed herewith marked as “Annexure I” to this Report. The Secretarial Audit Report submitted by them in the prescribed form MR-3

The Board has appointed Malay Desai & Associates, as the Secretarial Auditor of the Company for the Financial year 2022-23. Secretarial Auditors had confirmed that they are eligible for the said appointment. Secretarial Auditor had following observation:

Sr. No. Relevant Provision for Compliance Requirement Observation Management Reply
01 Regulation 7(3) of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 The Share Transfer Agent Certificate for the Year ended March, 2023 not filed as per the Regulations during the Audit period within precited time limit Due to Inadvertence Company could not file the same, however the Company shall ensure it doesn't happen again.
02 Regulation 13 of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 The Investor Complaint report for the quarter ended June, 2022 not filed as per the Regulations during the Audit period within precited time limit Due to Inadvertence Company could not file the same, however the Company shall ensure it doesn't happen again.
03 Regulation 18 (2) (a) of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 The Audit committee of the Company didn't meet for 4 times during the FY 2022-23 and the period between the meeting lapsed more than 120 days Due to Inadvertence Company could not file the same, however the Company shall ensure it doesn't happen again.
04 Regulation 23 of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 The Related Party Transections reports for the half year ended March, 2022 and September, 2022 was not filed during the Audit period within precited time limit Due to Inadvertence Company could not file the same, however the Company shall ensure it doesn't happen again.
05 Regulation 24A of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 The Company has not submitted Annual Secretarial Compliance Report for the year ended March, 2022 within prescribed time limit Due to Inadvertence Company could not file the same, however the Company shall ensure it doesn't happen again.
06 Regulation 27 of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 The Corporate Governance Report for the quarter ended March, 2022, June, 2022, September, 2022 and December, 2022 not filed during the Audit Period within precited time limit Due to Inadvertence Company could not file the same, however the Company shall ensure it doesn't happen again.
07 Regulation 33 of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 Quarterly / Half Yearly/ Yearly Financial Report not filed for the period ended March 2022, June 2022, September 2022 and December 2022 during the Audit Period within prescribed time limit Due to Inadvertence Company could not file the same, however the Company shall ensure it doesn't happen again.
08 Regulation 40(9) of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 During the Audit Period RTA Compliance Certificate not filed for the Year ended March, 2022 within prescribed time limit Due to Inadvertence Company could not file the same, however the Company shall ensure it doesn't happen again.
09 Regulation 74(5) of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 During the Audit Period for the quarter ended March, 2022, June, 2022, September, 2022 and December, 2022 certificate of RTA not filed within prescribed time limit. Due to Inadvertence Company could not file the same, however the Company shall ensure it doesn't happen again.
10 Regulation 76 of Depositories And Participants Regulations, 2018 Share Reconciliation report not filed within Prescribed time limit during the Audit period for the quarter ended March, 2022, June, 2022, September, 2022 and December, 2022 Due to Inadvertence Company could not file the same, however the Company shall ensure it doesn't happen again.
11 Regulation 6(1) of Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015 During the Audit Period the Company has not appointed Company Secretary as Compliance Officer of the Company after Resignation of previous compliance officer dated 24/03/2022 The Company could not get a suitable candidate who could be appointed Company Secretary and Compliance Officer of the Company; however, the Company had appointed Mrs. Akansha Srivastav as Company Secretary and Compliance Officer of the Company with effect from 18/10/2023
12 Section 96 of Companies Act, 2013 (Annual general Meeting) During the Audit Period the Company didn't hold Annual General Meeting for FY 21-22 as per Section 96 of Companies Act, 2013 within prescribed time limit. Due to Inadvertence Company could not hold the Annual general Meeting on time, however the Company shall ensure it doesn't happen again.
13 Section 203 of Companies Act, 2013 (Appointment of Company Secretary). During the Audit Period the Company has not appointed Company Secretary within 6 Months after Resignation of previous Company Secretary dated 24/03/2022 The Company could not get a suitable candidate who could be appointed Company Secretary and Compliance Officer of the Company; however, the Company had appointed Mrs. Akansha Srivastav as Company Secretary and Compliance Officer of the Company with effect from 18/10/2023

PARTICULARS OF LOAN, GUARANTEES AND INVESTMENTS MADE:

During the year under report, the Company has not granted any loan or provided any guarantee or made any investment as specified in Section 186 (2) of the Companies Act, 2013. Hence no approval from the shareholders in this regard was required.

DISCLOSURE UNDER SEXUAL HARASSMENT OF WOMEN AT THE WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013:

At Oceanic, all employees are of equal value. There is no discrimination between individuals at any point on the basis of race, colour, gender, religion, political opinion, national extraction, social origin, sexual orientation or age. The Company has always believed in providing a safe and harassment free environment for every woman working in company's premises through various interventions and practices

At Oceanic, every individual is expected to treat his/her colleagues with respect and dignity. This is enshrined in values and in the Code of Ethics & Conduct of Oceanic Foods Limited. The Direct Touch (Whistle-Blower &Protection Policy) Policy provides a platform to all employees for reporting unethical business practices at workplace without the fear of reprisal and help in eliminating any kind of misconduct in the system. The Policy also includes misconduct with respect to discrimination or sexual harassment.

The Company also has in place `Prevention of Sexual Harassment Policy`. This Anti-Sexual Harassment Policy of the Company is in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. All employees (permanent, contractual, temporary and trainees) are covered under this policy. An Internal Complaints Committee (ICC) is in place to redress complaints received regarding sexual harassment. The following is a summary of sexual harassment complaints received and disposed off during the year:

No. of complaints received: Nil No. of complaints disposed off : Nil No. of complaints Pending : Nil

CORPORATE SOCIAL RESPONSIBILITY (CSR):

Pursuant to provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, every company with a net worth of Rs. 500 Crores or more OR an annual turnover of Rs.1000 Crores or more OR with a net profit of Rs. 5 Crores or more is required to constitute a CSR Committee. At present, Oceanic Foods Limited is not required to constitute a CSR Committee in this regard, as none of the above-referred limits has been triggered.

INDUSTRIAL RELATIONS

The Company maintained healthy, cordial and harmonious industrial relations at all levels. The enthusiasm and unstinting efforts of employees have enabled the Company to remain at the leadership position in the industry. It has taken various steps to improve productivity across organization. To ensure good human resource management Oceanic focused on all aspects of the employee lifecycle. Your company has put in continued efforts in building capabilities of Human Resources with adoption of specific and targeted interventions.

SECRETARIAL STANDARDS:

The applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to ‘Meetings of the Board of Directors' and ‘General Meetings'respectively, have been duly followed by the Company.

DETAILS OF BOARD OF DIRECTORS:

Pursuant to Section 149, 152 and other applicable provisions of the Companies Act, 2013, one-third of such of the Directors as are liable to retire by rotation, shall retire every year and, if eligible, offer themselves for re-appointment at every AGM. Consequently Mr. Ajesh Vinodrai Patel, Whole Time Director [DIN: 00083536] will retire by rotation at the ensuing AGM, and being eligible, offer himself for re-appointment in accordance with provisions of the Companies Act, 2013. The Board of directors on recommendation of Nomination and Remuneration Committee has recommended his appointment.

A brief resume of the Director proposed to be re-appointed, the nature of his expertise in specific functional areas, names of companies in which he held Directorships, committee memberships/ chairmanship, their shareholding etc., are furnished in the explanatory statement to the notice of the ensuing AGM.

Mr. Neelkumar Chapla was appointed as an Additional (Non-executive Independent) director with effect from 24th March 2022, subject to approval of members in ensuing general meeting of the company.

Further, the Board of Directors of the Company at its meeting held on 18th October, 2023 had noted following Resignation: -

- Mr. Tulan V Patel (DIN 02177067) from the post of Managing Director and CEO as well as Director & Compliance Officer of the company w.e.f. end of the day i.e., 18/10/2023;

- Mrs. Niyati Nitesh Kotecha (DIN 09258848) from the post of Independent Director of the company w.e.f. end of the day i.e., 18/10/2023;

- Mr. Kaushal Hiralal Garg (DIN 09244824) from the post of Independent Director of the company w.e.f. end of the day i.e., 18/10/2023 and

- Mr. Neelkumar Pravinbhai Chapla (DIN 09545734) from the post of Independent Director of the company w.e.f. end of the day i.e., 18/10/2023;

Further, the Board of Directors of the Company at its meeting held on 18th October, 2023 had appointed Mrs. Parita H. Sherathiya (DIN: 0009682350) and Mr. Rahul H. Modi [DIN 0009483841] as Additional Directors in the category of Non-Executive & Independent Directors of the Company, subject to approval of the shareholders in the next Annual General Meeting, for a period of 5 consecutive years w.e.f. 18th October, 2023. Further, The Board of Directors of the Company at its meeting held on 1st November, 2023 had appointed Mr. Anand Gautambhai Dave [DIN 09722969] as Additional Directors in the category of Non-Executive & Independent Directors of the Company, subject to approval of the shareholders in the next Annual General Meeting, for a period of 5 consecutive years w.e.f. 1st November, 2023. The appointment of the said directors were approved by the members in 29th Annual General meeting.

The Company has received necessary declaration from all the Independent Directors under Section 149(7) of the Companies Act, 2013 confirming that they meet the criteria of independence as laid down in Section 149(6) of the Companies Act, 2013 and Regulation 16(1)(b) of the Listing Regulations. The Independent Directors has also complied with Online Registration with the “Indian Institute of Corporate Affairs” at Manesar, for inclusion/ renewal of name in the data bank of Independent Directors. With regard to integrity, expertise and experience (including the proficiency) of the Independent Directors appointed/re-appointed. The Board of Directors have taken on record the declarations and confirmations submitted by the independent directors and is of the opinion that all the Independent Directors are persons of integrity and possesses relevant expertise and experience and their continued association as Directors will be of immense benefit and in the best interest of the Company. With regard to proficiency of the independent Director, ascertained from the online proficiency self-assessment test conducted by the institute, as notified under sub-section (1) of section 150 of the Act, the Board of Directors have taken on record the information submitted by independent director that he/she has complied with the applicable laws.

COMPOSITION OF BOARD OF DIRECTORS

As on 31st March, 2023 the composition of Board of directors was as follows:

Sr No. Name Designation Director Identification Number (DIN) Date of Appointment
1 Ajesh Vinodrai Patel Chairman & Wholetime Director 00083536 03/05/1993
2 Tulan Vinodrai Patel Managing Director & CEO 02177067 24/12/2018
3 Abhishek Niraj Nagrecha Non Executive Independent Director 09200646 07/08/2021
4 Kaushal Hiralal Garg Non-executive Independent Director 09244824 07/08/2021
5 Niyati Nitesh Kotecha Non-executive Independent Director 09258848 07/08/2021
6 Neelkumar Chapla Non-executive Independent Director 09545734 24/03/2022

COMMITTEES OF BOARD OF DIRECTORS:

1) AUDIT COMMITTEE:

The Audit Committee comprises of 3 Non-Executive Independent Directors. The Composition of committee is in conformity with the listing regulations. During the year, the Committee met two times i.e., 30/08/2022 and 20/11/2022 and the attendance of the members of the meetings were as below. The Chief financial officer and Statutory Auditor are the permanent invitees to the Committee meetings. All the recommendations of Audit committee were accepted by the Board of Directors.

Sr No. Name Status Category Director Identification Number (DIN) No. of Meetings held/attended
1 Mr Kaushal Garg Chairperson Non-Executive & Independent 09244824 2/2
2 Mrs Niyati Kotecha Member Non-Executive & Independent 09258848 2/2
3 Mr Abhishek Nagrecha Member Non-Executive & Independent 07562889 2/2

The Management is responsible for the Company's Internal Financial controls and financial reporting process. The independent auditors are responsible for performing an independent Audit of the Company's Financial statements in accordance with the Accounting Standards and for issuing a report thereon. The Committee is responsible for overseeing the processes related to financial reporting and information dissemination.

Based on the review and discussions conducted with the Management and Independent Auditors, the Audit Committee believes that the financial statements are presented in conformity with the accounting standards in all aspects

2) NOMINATION AND REMUNERATION COMMITTEE:

The Nomination and Remuneration Committee comprises of 3 Non-Executive Independent Directors. The Composition of committee is in conformity with the listing regulations. During the year, the Committee did not meet anytime.

Sr No. Name Status Category Director Identification Number (DIN) No. of Meetings held/attended
1 Mrs Niyati Kotecha Chairperson Non-Executive & Independent 09244824 -
2 Mr Kaushal Garg Member Non-Executive & Independent 09258848 -
3 Mr Abhishek Nagrecha Member Non-Executive & Independent 07562889 -

The main responsibility of the Committee is to incentivize and reward executive performance that will lead to the long- term enhancement of Shareholder performance. Further the committee is also responsible for formulating policies as to remuneration, performance evaluation, Board diversity etc. in line with Companies Act, 2013 and SEBI Listing regulations. The roles and responsibilities of the Committee covers the area as specified in the Listing Regulations, Companies Act, 2013 and other applicable laws, if any, besides other role and powers entrusted upon it by the Board of Directors from time to time.

3) STAKEHOLDERS RELATIONSHIP COMMITTEE:

The Stakeholders Relationship Committee comprises of 3 Non-Executive Independent Directors. The Composition of committee is in conformity with the listing regulations. During the year. During the year, the Committee did not meet anytime.

Sr No. Name Status Category Director Identification Number (DIN) No. of Meetings held/attended
1 Mr Abhishek Nagrecha Chairperson Non-Executive & Independent 09244824 -
2 Mr Kaushal Garg Member Non-Executive & Independent 09258848 -
3 Mrs Niyati Kotecha Member Non-Executive & Independent 07562889 -

The main responsibility of the Committee is to ensure cordial investor relations and supervise the mechanism for redressal of Investor grievances pertaining to transfer of shares, non-receipt of annual report, non-receipt of declared dividends etc. It performs the functions of transfer/transmission/remat/demat/ split-up/sub-division and consolidation of shares, issue of duplicate share certificates and allied matter(s). The Committee is also responsible to specifically looks into various aspects of interest of shareholders like effective exercise of voting rights by shareholders, service standards of RTA, etc.

Details pertaining to the number of complaints received and responded and the status thereof during the financial year 2022-23 are given below:

No. of Complaints pending as on 31st March 2022 NIL
No of Complaints received during the year NIL
No of Complaints resolved during the year NIL
No. of Complaints pending at the end of the 31st March 2023 NIL

KEY MANAGERIAL PERSONNEL:

The Key Managerial Personnel (KMP) in the Company as per Section 2(51) and 203 of the Companies Act, 2013 for the FY 2022-23 were as under: Mr. Ajesh V. Patel, Chairman and Whole Time Director Mr. Tulan V. Patel, Managing Director and Chief Executive officer (Resigned w.e.f., 18/10/2023) Mr. Shrinivas A. Jani, Chief Financial Officer Ms. Krishna S. Adhyaru Company Secretary & Compliance Officer (Resigned with effect from 12th February 2022) However, after closure of financial Year Mrs. Akansha Srivastav was appointed as Company Secretary and Compliance Officer of the Company with effect from 18th October, 2023

RATIO OF REMUNERATION OF EACH DIRECTOR TO THE MEDIAN REMUNERATION OF THE EMPLOYEES OF THE COMPANY FOR THE FINANCIAL YEAR 2022-23:

The information required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as forms part of this directors' report (Annexure VIII). The information required under Rule 5(2) and (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, including amendment thereto, is provided in the Annexure forming part of the Report. In terms of the second proviso to Section 136(1) of the Act, the Report and Accounts are being sent to the shareholders excluding the aforesaid Annexure. Any shareholder interested in obtaining the same may write to the Company Secretary at the registered office of the Company.

COMPANY'S POLICY ON DIRECTORS' APPOINTMENT, NOMINATION, REMUNERATION AND FORMAL EVALUATION:

Pursuant to Section 134 (3)(e) and provisions of Section 178 (1) of the Companies Act, 2013, the Board has, on the recommendation of the Nomination & Remuneration Committee framed a policy for selection, nomination, appointment and remuneration of Directors suitably containing the criteria determining qualifications, positive attributes and independence of a Director. The Remuneration paid to the executive directors is in accordance with the Nomination and Remuneration Policy formulated. The policy is to have an appropriate mix of Executive and Non-Executive Directors, Independent and Women Directors to maintain the independence of the Board and separate its functions of governance and Management.

PERFORMANCE EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS:

Pursuant to applicable provisions of the Companies Act, 2013 and the Listing Regulations, the Board, in consultation with its Nomination & Remuneration Committee, has formulated a framework containing, inter-alia, the criteria for performance evaluation of the entire Board of the Company, its committees and individual Directors, including Independent Directors. The framework is monitored, reviewed and updated by the Board, in consultation with the Nomination and Remuneration Committee, based on need and new compliance requirements. The annual performance evaluation of the Board, its Committees and each Director has been carried out for the financial year 2022-23 in accordance with the framework. The policy has been uploaded in the website of Company www.oceanicfoods.com. The aspects covered in the evaluation included the contribution to and monitoring of corporate governance practices, participation in long term strategic planning and the fulfillment of Director's obligations and fiduciary responsibilities, including but not limited to, active participation at the Board and Committee meetings. The Board evaluated the effectiveness of its functioning and that of the committees and individual directors by seeking their inputs on various aspects of Board/committee meetings.

DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE REPORTABLE TO THE CENTRAL GOVERNMENT

The Statutory Auditors or Secretarial Auditors of the Company have not reported any frauds to the Audit Committee or to the Board of Directors under Section 143(12) of the Companies Act, 2013, including rules made there under

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

In Terms of the Regulation 34 read with Schedule V of the SEBI (LODR) Regulations 2015, Management Discussion and Analysis report forms part of this Annual Report as “Annexure II”.

CORPORATE GOVERNANCE:

Good governance practices forms part of business strategy. The Company is committed to focus on long-term value creation and protecting stakeholders' interests by applying proper care, skill and diligence to business decisions. Apart from adhering to the requirements set by Government regulations, the Company has voluntarily adopted and evolved various practices of governance conforming to highest ethical and responsible standards of business, globally benchmarked.

The report on Corporate Governance as stipulated under the Listing Regulations forms part of the Annual Report. A certificate from Practicing Company Secretaries of the Company regarding compliance of the conditions of Corporate Governance, as stipulated under Schedule V of the Listing Regulations is attached as `Annexure III` and forms part of this report.

RISK MANAGEMENT:

The company has been following the principle of risk minimization, as it is the norm in every industry. The Board has adopted steps for framing, implementing and monitoring the risk management plan for the company. The main objective of this policy is to ensure sustainable business growth with stability and to promote a pro-active approach in reporting, evaluating and resolving risks associated with the business. The Risk faced by the company, their impact and their minimization procedures are assessed categorically under the Broad heads of High, Medium and Low Risk

In order to achieve the key objective, the policy establishes a structured and disciplined approach to risk management, in order to guide for decisions on risk related issues. The Board provides oversight and reviews the risk management policies on a quarterly basis

In today's Challenging and competitive environment, strategies for mitigating inherent risk in accomplishing the growth plans of the company are imperative. The Common risks inherent are: Regulations, Competition, business risk, technology obsolescence, long term investments and expansion of facilities. Business risk, inter alia, includes financial risk, political risk, legal risk etc., As a matter of policy, these risks are assessed and steps as appropriate are taken to mitigate the same.

Steps taken to ensure smooth functioning of operations:

The Company has put in place strict monitoring process for Covid-19 precautions ensuring the following

Sanitizing the premises and vehicles on regular basis Maintenance of social distancing at all work places

Enforcing wearing of masks and regular cleaning of hands with soap water Regular update of the health of all the employees and their families Thermal scanning of all the employees while entering the office premises Asking all employees to install Aarogya Setu App and follow the instructions thereof

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

According to Section 134(5)(e) of the Companies Act, 2013 the term Internal Financial Control (IFC) means the policies and procedures adopted by the Company for ensuring the orderly and efficient conduct of its business, including adherence to Company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information. The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations which ensures that all the assets are safeguarded and protected and that the transactions are authorized, recorded and reported correctly. Assurance on the effectiveness of internal financial controls is obtained through management reviews, control self-assessment, continuous monitoring by functional experts as well as testing of the internal financial control systems. We believe that these systems provide reasonable assurance that our internal financial controls are designed effectively and are operating as intended.

ADEQUACY OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS:

The Companies Act, 2013 re-emphasizes the need for an effective Internal Financial Control System in the company which should be adequate and shall operate effectively. Rule 8(5)(viii) of the Companies (Accounts) Rules, 2014 requires the information regarding adequacy of Internal Financial controls with reference to financial statements to be disclosed in the Board's Report. To ensure effective internal financial controls the Company has laid down the following measures: All operations are executed through Standard Operating Procedures in all functional activities for which key manuals have been put in place. The Manuals are updated and validated periodically Transactions audit are conducted regularly to ensure financial reporting, safeguard and protection of all the assets. The company's Books of accounts are maintained in ERP and transactions are executed through ERP Set-ups to ensure correctness/effectiveness of all transactions, integrity and reliability of reporting.

The company has comprehensive risk management framework.

The company has robust mechanism of building budgets at an integrated cross-functional level. The Budgets are reviewed on a quarterly basis so as to analyze the performance and take corrective action, wherever required The Company has a system of Internal Business Reviews. All departmental heads discuss their business issues and future plans in monthly review meetings. They review their achievements vs budgets in quarterly review meetings. Specialized issues like investment, property, FOREX are discussed in their respective internal committee meetings. Compliance of Secretarial functions is ensured by way of Secretarial Audit

DISCLOSURE ON VIGIL MECHANISM:

Pursuant to Section 177(9) & (10) of the Companies Act, 2013, a Vigil Mechanism for directors and employees to report genuine concerns has been established, in order to ensure that the activities of the company and its employees are conducted in a fair and transparent manner by adoption of highest standards of professionalism, honesty and integrity and ethical behavior. The Company promotes ethical behavior in all its business activities and in line with the best governance practices, The Company has established a vigil mechanism through which Directors, employees and business associates may report unethical behaviour, malpractices, wrongful conduct, fraud, violation of Company's code of conduct without fear of reprisal.

Recently, reporting of instances of leak/suspected leak of any unpublished Price Sensitive Information has also been allowed through this mechanism and the Company has made its employees aware of the same. The Company has set up a Direct Touch initiative, under which all Directors, employees, business associates have direct access to the Chairman of the Audit committee, and also to a three-member direct touch team established for this purpose. The direct touch team comprises one senior woman member so that women employees of the Company feel free and secure while lodging their complaints under the policy. This policy aims to:

Allow and encourage stakeholders to bring to the Management notice concerns about unethical behaviour, malpractice, wrongful conduct, actual or suspected fraud or violation of policies and leak or suspected leak of any Unpublished Price Sensitive Information. Ensure timely and consistent organizational response Build and strengthen a culture of transparency and trust Provide protection against victimization

The vigil mechanism policy has also been uploaded in the website of the company at www.oceanicfoods.com

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

The Company has not taken any significant steps for conservation of Energy during the year under report. There are no significant expenses on technology absorption during the year. However, your company is increasingly using information technology in its operations and promotes conservation of resources. Moreover, the Company has reported Foreign Exchange Earnings and Expenses made as under:

Particulars 2022-23 2021-22
Foreign Exchange Earnings 49,21,69,636 60,39,11,777
Foreign Exchange Outgo 58,45,754 38,55,290

PARTICULARS OF EMPLOYEES:

There are no employees in the Company drawing remuneration of more than Rs. 8,50,000/- rupees per month or 1,02,00,000/- rupees per annum, as prescribed in Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Amendment Rules, 2016.

SUBSIDIARIES, JOINT VENTURE OR ASSOCIATE COMPANIES:

As on 31st March, 2023, the Company does not have any Subsidiary or Joint Venture or Associate Company

OTHER DISCLOSURES AS REQUIRED UNDER THE PROVISIONS OF THE COMPANIES ACT, 2013 AND RULES MADE THEREUNDER:

1. There have been no material changes/commitments affecting the financial position of the company which have occurred between the end of the financial year to which the financial statements relate and the date on report;

2. During the year under report your company has not accepted the deposit from the public under section 73 to 76 of the Companies Act, 2013 and the rules made there under;

3. No significant or material orders were passed by the Regulators or courts or tribunals which impact the going concern status and company's operations in future

4. There have been no instances of any revision in the Board's Report or the financial statement, hence disclosure under Section 131(1) of the Act is not required.

5. The Company has not paid any commission to any of its Directors and hence, provision of disclosure of commission paid to any Director as mentioned in Section 197(14) is not applicable.

6. The Company has not issued (a) any shares with differential voting rights (b) Sweat Equity shares (c) shares under any Employee stock option scheme, hence no disclosures are required to be made as per the Companies (Share Capital and Debentures) Rules, 2014.

7. The Central Government has not prescribed the maintenance of cost records by the company under Section 148(1) of the Companies Act, 2013 for any of its products.

ACKNOWLEDGEMENT:

The Directors regrets the loss of life due to Covid-19 pandemic and are deeply grateful and have immense respect for every person who risked their life and safety to fight this pandemic. The Board takes this opportunity to thank all consumers, customers, vendors, investors, bankers and Statutory Authorities for their continued support during the year. The Board also wishes to place on record its sincere appreciation of the effort/ contribution made by its employees at all levels for their hard work, dedication and commitment. The enthusiasm and unstinting eff orts of the employees have enabled the Company to remain an industry leader. The Company's consistent growth was made possible by their hard work, solidarity, cooperation and support and look forward to their continued support in the future.

   

Oceanic Foods Ltd Company Background

Ajesh Vinodrai Patel
Incorporation Year1993
Registered OfficeOpp Brooke Bond Factory,PN Marg
Jamnagar,Gujarat-361002
Telephone91-0288-2757366/77,Managing Director
Fax91-0288-2757333
Company Secretary
AuditorMaharishi & Co
Face Value10
Market Lot1
ListingBSE,
RegistrarLink Intime India Pvt Ltd
C-101 247 Park,L B S Marg,Vikhroli West,Mumbai-400083

Oceanic Foods Ltd Company Management

Director NameDirector DesignationYear
Ajesh Vinodrai PatelChairman & Wholetime Director2020
Mazhar ShaikhAdditional Director2020
Neel ChaplaAdditional Director2020
Anand Gautambhai DaveAdditional Director2020

Oceanic Foods Ltd Listing Information

Oceanic Foods Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Onion Powder and FlakesNA00049.28914
Garlic PowderNA00014.20015
Other Operating IncomeNA0005.67069
OnionsNA0004.6294
Dehydrated PotatoesNA0002.53534
Other Dehydrated ProductsNA0001.94669
Garlic WastageNA0000.12754
Garlic.NA0000
OthersNA0000
NACNA0000
AdjustmentNA0000
Sales of Traded GoodsNA0000

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