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 |