We have audited the accompanying standalone
financial statements of Seamec Limited (“the
Company”), which comprise the Standalone Balance
Sheet as at 31^st March 2026, and the Standalone
Statement of Profit and Loss (including Other
Comprehensive Income), the Standalone Statement
of Changes in Equity and the Standalone Statement
of Cash Flows for the year then ended, and notes
to the standalone financial statements, including
material accounting policies and other explanatory
information (hereinafter referred to as "the standalone
financial statements").

In our opinion and to the best of our information and
according to the explanations given to us, the aforesaid
standalone financial statements give the information
required by the Companies Act, 2013 ("the Act") in
the manner so required and give a true and fair view
in conformity with the Indian Accounting Standards
prescribed under Section 133 of the Act read with the
Companies (Indian Accounting Standards) Rules, 2015,
as amended, ("Ind AS") and other accounting principles
generally accepted in India, of the state of affairs of the
Company as at 31^st March 2026, and its profit (including
other comprehensive income), changes in equity and
its cash flows for the year ended on that date.

2. Basis for Opinion

We conducted our audit of the standalone financial
statements in accordance with the Standards on
Auditing (SAs) specified under section 143(10) of the
Act. Our responsibilities under those SAs are further
described in the Auditor's Responsibility for the Audit
of the Standalone Financial Statements section of
our report. We are independent of the Company in
accordance with the Code of Ethics issued by the
Institute of Chartered Accountants of India (ICAI)
together with the ethical requirements that are relevant
to our audit of the standalone financial statements
under the provisions of the Act and the Rules made
thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements
and the ICAI's Code of Ethics. We believe that the
audit evidence obtained by us is sufficient and
appropriate to provide a basis for our audit opinion on
the standalone financial statements.

3. Key Audit Matters

Key audit matters are those matters that, in our
professional judgment, were of most significance in
our audit of the standalone financial statements of
the current year. These matters were addressed in
the context of our audit of the standalone financial
statements as a whole, and in forming our opinion
thereon, and we do not provide a separate opinion
on these matters. We have determined the matters
described below to be the key audit matters to be
communicated in our report.

4. Information Other than the Standalone
Financial Statements and Auditor’s Report
thereon

The Company's Management and Board of Directors
are responsible for the other information. The other
information comprises the information included in
Company's Annual Report, but does not include the
standalone financial statements and our auditor's
report thereon. The Company's Annual report is
expected to be made available to us after the date
of this auditor's report.

Our opinion on the standalone financial statements
does not cover the other information and we do not
and will not express any form of assurance conclusion
thereon.

In connection with our audit of the standalone
financial statements, our responsibility is to read the
other information and, in doing so, consider whether
the other information is materially inconsistent with the
standalone financial statements or our knowledge
obtained during our audit, or otherwise appears to be
materially misstated.

When we read the annual report, if we conclude
that there is a material misstatement therein, we are
required to communicate the matter to those charged
with governance and take appropriate action as
applicable under the relevant laws and regulations.

5. Responsibilities of Management and Those
Charged with Governance for the Standalone
Financial Statements

The accompanying Standalone Financial Statements
have been approved by the Company's Board
of Directors. The Company's Management and
Board of Directors are responsible for the matters
stated in section 134(5) of the Act with respect
to the preparation of these standalone financial
statements that give a true and fair view of the
financial position, financial performance including

other comprehensive income, changes in equity and
cash flows of the Company in accordance with the
accounting principles generally accepted in India,
including Ind AS specified under Section 1 33 of the
Act. This responsibility also includes maintenance of
adequate accounting records in accordance with the
provisions of the Act for safeguarding the assets of the
Company and for preventing and detecting frauds
and other irregularities; selection and application of
appropriate accounting policies; making judgments
and estimates that are reasonable and prudent;
and design, implementation and maintenance
of adequate internal financial controls, that were
operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to
the preparation and presentation of the standalone
financial statements that give a true and fair view and
are free from material misstatement, whether due to
fraud or error.

In preparing the standalone financial statements, the
Management and Board of Directors are responsible
for assessing the Company's ability to continue as
a going concern, disclosing, as applicable, matters
related to going concern and using the going
concern basis of accounting unless management
either intends to liquidate the Company or to cease
operations, or has no realistic alternative but to do so.

Those Charged with Governance is also responsible
for overseeing the Company's financial reporting
process.

6. Auditors’ Responsibility for the Audit of the
Standalone Financial Statements

Our objectives are to obtain reasonable assurance
about whether the standalone financial statements as
a whole are free from material misstatement, whether
due to fraud or error, and to issue an auditors' report
that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with SAs will
always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate,
they could reasonably be expected to influence the
economic decisions of users taken on the basis of
these standalone financial statements.

As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:

• Identify and assess the risks of material
misstatement of the standalone financial
statements, whether due to fraud or error, design
and perform audit procedures responsive to
those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material
misstatement resulting from fraud is higher
than for one resulting from error, as fraud may
involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal
control.

• Obtain an understanding of internal financial
control relevant to the audit in order to design
audit procedures that are appropriate in the
circumstances. Under section 143(3)(i) of the Act,
we are also responsible for expressing our opinion
on whether the Company has adequate internal
financial controls with reference to standalone
financial statements in place and the operating
effectiveness of such controls.

• Evaluate the appropriateness of accounting
policies used and the reasonableness of
accounting estimates and related disclosures
in the standalone financial statements made
by the Management and Those Charged with
Governance.

• Conclude on the appropriateness of
Management and Board of Directors use of the
going concern basis of accounting and, based
on the audit evidence obtained, whether a
material uncertainty exists related to events or
conditions that may cast significant doubt on the
Company's ability to continue as a going concern.
If we conclude that a material uncertainty exists,
we are required to draw attention in our auditor's
report to the related disclosures in the standalone
financial statements or, if such disclosures
are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence
obtained up to the date of our auditors' report.
However, future events or conditions may cause
the Company to cease to continue as a going
concern.

• Evaluate the overall presentation, structure and
content of the standalone financial statements,
including the disclosures, and whether the
standalone financial statements represent the
underlying transactions and events in a manner
that achieves fair presentation.

We communicate with those charged with governance
regarding, among other matters, the planned scope
and timing of the audit and significant audit findings,
including any significant deficiencies in internal control
that we identify during our audit.

We also provide those charged with governance with
a statement that we have complied with relevant
ethical requirements regarding independence, and
to communicate with them all relationships and other
matters that may reasonably be thought to bear on
our independence, and where applicable, related
safeguards.

From the matters communicated with those charged
with governance, we determine those matters that
were of most significance in the audit of the standalone
financial statements of the current period and are
therefore the key audit matters. We describe these
matters in our auditors' report unless law or regulation
precludes public disclosure about the matter or when,
in extremely rare circumstances, we determine that
a matter should not be communicated in our report
because the adverse consequences of doing so
would reasonably be expected to outweigh the public
interest benefits of such communication.

7. Report on Other Legal and Regulatory
Requirements

a. As required by the Companies (Auditors' Report)
Order, 2020 ("the Order") issued by the Central
Government of India in terms of Section 143(11)
of the Companies Act, 201 3, we give in the
"Annexure A”, a statement on the matters
specified in paragraphs 3 and 4 of the Order, to
the extent applicable.

b. As required by Section 143(3) of the Act, we report
that:

i. We have sought and obtained all the
information and explanations which to the
best of our knowledge and belief were
necessary for the purposes of our audit.

ii. In our opinion, proper books of account
as required by law have been kept by the
Company so far as it appears from our
examination of those books except for
the matters stated in para viii(f) below on

reporting under rule 11(g) of the Companies
(Audit and Auditors Rules, 2014).

iii. The Standalone Balance Sheet, the
Standalone Statement of Profit and Loss
including Other Comprehensive Income,
the Standalone Statement of Changes
in Equity and the Standalone Cash Flow
Statement dealt with by this Report are in
agreement with the books of account.

iv. In our opinion, the aforesaid standalone
financial statements comply with the
Indian Accounting Standards specified
under Section 133 of the Act read with the
Companies (Indian Accounting Standards)
Rules, 2015, as amended.

v. On the basis of the written representations
received from the directors as on
31^st March, 2026 taken on record by the
Board of Directors, none of the directors are
disqualified as on 31^st March, 2026 from
being appointed as a director in terms of
Section 164 (2) of the Act.

vi. With respect to the adequacy of the
internal financial controls with reference
to standalone financial statements of the
Company and the operating effectiveness
of such controls, refer to our separate Report
in "Annexure B” to this report.

vii. The modification relating to the maintenance
of accounts and other matters connected
therewith are as stated in paragraph
(ii) above on reporting under section 143(3)
(b) and paragraph viii(f) below on reporting
under rule 11(g).

viii. With respect to the other matters to
be included in the Auditor's Report in
accordance with Rule 11 of the Companies
(Audit and Auditors) Rules, 201 4, as
amended, in our opinion and to the best
of our information and according to the
explanations given to us:

a. The Company has disclosed the impact of
pending litigations on its financial position in
its standalone financial statements - Refer
Note 39 of standalone financial statements;

b. The company did not have any long-term
contracts including derivative contract for
which there were any material foreseeable
losses;

c. There were no amounts which were required
to be transferred to the Investor Education
and Protection Fund by the Company.

d. (i) The Management has represented

that, to the best of its knowledge and
belief, other than as disclosed in note
54(b) no funds have been advanced
or loaned or invested (either from
borrowed funds or share premium
or any other sources or kind of funds)
by the company to or in any other
person(s) or entity(ies), including
foreign entities ("Intermediaries"), with
the understanding, whether recorded
in writing or otherwise, that the
Intermediary shall, directly or indirectly
lend or invest in other persons or entities
identified in any manner whatsoever
by or on behalf of the company
("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf
of the Ultimate Beneficiaries.

(ii) Management has represented, that,
to the best of its knowledge and
belief, no funds have been received
by the company from any person(s)
or entity(ies), including foreign
entities ("Funding Parties"), with the
understanding, whether recorded in
writing or otherwise, that the company
shall, directly or indirectly, lend or
invest in other persons or entities
identified in any manner whatsoever
by or on behalf of the Funding Party
("Ultimate Beneficiaries") or provide any
guarantee, security or the like on behalf
of the Ultimate Beneficiaries; and

(iii) Based on such audit procedures
performed and information and
explanation given, nothing has come
to our notice that has caused us to
believe that the representations under
sub-clause (i) and (ii) contain any
material mis-statement.

e. As stated in Note 57 to the Standalone
Financial Statements, the Board of Directors
of the Company has proposed a final
dividend for the year ended 31 March
2026, which is subject to the approval of the
members at the ensuing Annual General
Meeting. In our opinion, the dividend so
proposed is in accordance with Section 123
of the Companies Act, 2013, as applicable.

f. Based on the audit procedures performed

that have been considered reasonable and
appropriate in the circumstances by us,
which includes test checks, the Company
has used ERP as its accounting software for
maintaining its books of account which has
a feature of recording audit trail (edit log)
facility and that has operated throughout
the financial year for all relevant transactions
recorded in the said software except the
software has an option to enable or disable
the audit trail (edit log). However, during the
course of performing our procedures, we
did not notice any instance of audit trail
feature being disabled and tampered with.
The audit trail, where enabled in previous
year, has been preserved by the company
as per the statutory requirements for record
retention.