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Scotsman's no company for returning Indian, say (5)

Ross

I believe the answer is:

ocean

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'indian say' is the definition.
Although both the answer and definition are singular nouns, I can't understand how they can define each other.

'scotsman's no company for returning' is the wordplay.
'scotsman's no' becomes 'nae' (I've seen this in another clue).
'company for' becomes 'co' (I can't justify this - if you can you should give a lot more credence to this answer).
'returning' is a reversal indicator.
'nae'+'co'='naeco'
'naeco' backwards is 'OCEAN'.

Can you help me to learn more?

(Other definitions for ocean that I've seen before include "Immense expanse or quantity" , "Big sea" , "Indian, for example" , "Huge expanse" , "Large body of salt water" .)

I've seen this clue in The Independent.
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