Financial

The Corporation was incorporated in the year 1979 with authorised capital of Rs.500 lakhs. The paid up capital of the Corporation is Rs.155.04 lakhs. The Corporation availed bank loans of Rs.261.308 lakhs under IDA assisted multi state cashew project under NABARD refinance availing the loan from three commercial banks namely 1) State Bank of India, 2) Bank of India and 2) Union Bank of India. The principal along with the interest have been repaid to the concerned banks during the 1995-96 and the Corporation became free from loan burden since then. The corporation has sound financial position and consistently showing profit.

The Balance Sheet and Profit & Loss Account is given below.

Particulars  As on March 31,2019  As on March 31,2018
I. EQUITY AND LIABILITIES
1. Shareholders’ funds
a.  Share Capital      15,504,000      15,504,000
b.  Reserves and Surplus    883,613,520    762,289,352
    899,117,520  777,793,352
2 Non-Current Liabilities
a. Other Long-term liabilities      30,967,753      40,014,565
b. Long-term Provisions      36,406,258      44,115,759
      67,374,011    84,130,324
3 Current Liabilities
a. Other current liabilities      22,148,890      15,420,084
b. Short-term Provisions      37,099,572        6,520,504
      59,248,462    21,940,588
TOTAL  1,025,739,993  883,864,264
II ASSETS
1. Non-current assets
a.   Fixed assets
   i)Tangible assets    263,274,907    212,078,826
  II)Capital Work In Progress    109,361,171      93,085,718
    372,636,078  305,164,544
  b.   Long-Term Loans & Advances      44,310,654      33,611,990
  c.   Other non-Current Assets        4,426,116        4,426,116
      48,736,770    38,038,106
2. Current assets
  a. Invetories      11,058,582        9,935,221
b.Trade Receivables      19,323,425      12,363,118
c.Cash and Cash Equivalents    495,211,766    468,490,681
d.Loans & Advances      67,086,559      41,179,295
e.Other Current Assts      11,686,813        8,693,299
    604,367,145  540,661,614
TOTAL  1,025,739,993  883,864,264
Summary of Significant accounting policies

Statement of  Profit and Loss for the year ended March, 2019.

Particulars March 31,2019 March 31,2018
Revenue from Operation
Income from Plantations       145,836,485   217,937,474
Income from Nurseries         80,241,873     78,461,007
Supply of seeds & Q.P.M.                        –                    –
Other income         27,588,062     18,942,292
Total Revenue  (A)   253,666,420     315,340,773
Direct Expenses         62,866,771     62,825,024
Procurement of seeds & Q.P.M.                        –                    –
Change of Inventories          (1,123,361)      (1,676,948)
Employee benefit expense         67,628,968     89,578,202
Other expenses           6,214,296       4,840,930
Total Expenses (B)   135,586,674     155,567,208
Profit before depreciation,
amortisation and tax (EBIDTA) (A – B)   118,079,746     159,773,565
Depreciation     27,999,169       19,584,891
Profit  before Tax and Exceptional items     90,080,578     140,188,674
Exceptional Items
Prior Year Adjustments ( Refer note -23)       2,824,470            352,029
Profit beforeExtra- Ordinary items and Tax     87,256,108     139,836,645
Net current tax expense
(1) Current tax       7,567,083         5,234,646
(2) Deferred tax
Profit /(Loss )after tax     79,689,025     134,601,999
Earnings per equity share:
Basic              5.140                8.682
Diluted              5.140                8.682
Nominal Value of Share              1,000                1,000

Profit and Loss and Cumulative Profit and Loss since inception :

Year Profit / Loss Adjustment as per P/L. Appropriation A/C. Cumulative Profit / Loss. Remarks
1979-80 (-)     2.26 —- (-)      2.26 Audited
1980-81 (+)    9.72 —- (+)     7.46 — do —
1981-82 (-)     2.97 (-)    10.08 (-)      5.59 — do —
1982-83 (-)   17.73 (-)      0.03 (-)    23.35 — do —
1983-84 (-)   30.41 (+)     1.82 (-)    51.94 — do —
1984-85 (-)   24.80 (-)      0.36 (-)    77.10 — do —
1985-86 (-)   29.17 —- (-)  106.27 — do —
1986-87 (+)   0.39 (-)      1.58 (-)  107.46 — do —
1987-88 (-)   26.16 (+)     4.70 (-)  128.92 — do —
1988-89 (-)   38.28 (-)      0.40 (-)  167.60 — do —
1989-90 (-)   33.16 (-)      0.17 (-)  200.93 — do —
1990-91 (+)    5.97 (+)   44.55 (-)  150.41 — do —
1991-92 (+)  51.10 (+)     0.03 (-)    99.28 — do —
1992-93 (-)   43.04 (-)      1.23 (-)  143.55 — do —
1993-94 (+)  13.87 (+)     0.48 (-)  129.20 — do —
1994-95 (+)  84.56 (+)     0.08 (-)    44.56 — do —
1995-96 (+)  91.45 (+)   57.27 (+)  104.16 — do —
1996-97 (+)  82.59 (+)     0.02 (+)  186.77 — do —
1997-98 (+)  77.74 (-)     7.34 (+)  257.17 — do —
1998-99 (+) 109.74 (-)    20.81 (+)  346.11 — do —
1999-2000 (+) 107.03 (-)     0.64 (+)  452.50 — do —
2000-2001 (+)  23.98 (-)   30.20 (+)  446.28 — do —
2001-2002 (+) 227.18 (-)   10.90 (+)  662.56 — do —
2002-2003 (+) 123.11 (-)   81.43 (+)  704.24 — do —
2003-2004 (+) 171.45 (-)  17.71 (+)  857.98 — do —
2004-2005 (+) 191.17  (-)  21.93 (+) 1027.22 — do —
2005-2006 (+) 165.82  (-)  72.06 (+) 1120.98 — do —
2006-2007 (+) 158.19 (-) 45.68 (+) 1233.49 — do —
2007-2008 (+) 164.19 (-) 52.83 (+) 1344.85 — do —
2008-2009 (+)  80.26 (-) 49.48 (+) 1375.63 — do —
2009-2010 (+)  144.73 (-) 50.60 (+) 1469.76 — do —
2010-2011 (+)   77.91 (-) 67.50 (+) 1480.17 — do —
2011-2012 (+) 136.82 (-) 56.42 (+) 1560.57 — do —
2012-2013 (+) 141.18 (-) 54.13 (+) 1647.62 — do —
2013-2014 (+) 323.48 (-) 146.14 (+) 1824.96 — do —
2014-2015 (+) 377.53 (-)76.98 (+) 2125.51 — do —
2015-2016 (+) 293.88 (-)92.94 (+) 2326.45 — do —
2016-2017 (+) 350.26 (-)55.50 (+) 2621.22 — do —
2017-2018 (+)1349.54 (-)59.50 (+) 3911.26 — do —
2018-2019 (+) 825.14 (-)84.24 (+) 4652.16 — do —

Payment of Dividend to Government of Odisha :

The Orissa State Cashew Development Corporation Ltd. has paid dividend to the Government amounting to Rs.4,88,35,600/- (Rupees Four crore eightyeight lakh thirtyfive thousand six hundred) only up to 2017-18 out of its net profits for the said years against paid up equity share capital of Rs.1,55,04,000.00. The details of the dividends paid to the Government since 1995-96 are given below.

Year of dividend paid Paid up equity share capital         (in Rs.) Rate of dividend declared     (in %)    Amount of           dividend             (in Rs.)
1995-1996 15404000 2.00           308,080
1996-1997 15504000 3.00           465,120
1997-1998 15504000 5.00           775,200
1998-1999 15504000 7.50        1,162,800
1999-2000 15504000 7.50        1,162,800
2000-2001 15504000 10.00        1,550,400
2001-2002 15504000 10.00        1,550,400
2002-2003 15504000 10.00        1,550,400
2003-2004 15504000 10.00        1,550,400
2004-2005 15504000 10.00        1,550,400
2005-2006 15504000 10.00        1,550,400
2006-2007 15504000 10.00        1,550,400
2007-2008 15504000 10.00        1,550,400
2008-2009 15504000 10.00        1,550,400
2009-2010 15504000 10.00        1,550,400
2010-2011 15504000 20.00        3,100,800
2011-2012 15504000 20.00        3,100,800
2012-2013 15504000 20.00        3,100,800
2013-2014 15504000 20.00        3,100,800
2014-2015 15504000 20.00        3,100,800
2015-2016 15504000 30.00        4,651,200
2016-2017 15504000 30.00        4,651,200
2017-2018 15504000 30.00        4,651,200
TOTAL      48,835,600