1.14. Provisions and Contingencies

Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event,
it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and
a reliable estimate can be made of the amount of the obligation. If the effect of the time value of money is material,
provisions are discounted using equivalent period government securities interest rate. Unwinding of the discount is
recognised in the Statement of Profit and Loss as a finance cost. Provisions are reviewed at each balance sheet date and
are adjusted to reflect the current best estimate.

If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects,
when appropriate, the risks specific to the liability. When discounting is used, the increase in the provision due to the
passage of time is recognised as a finance cost.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence of which
will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within
the control of the Company or a present obligation that arises from past events where it is either not probable that an
outflow of resources will be required to settle or a reliable estimate of the amount cannot be made. Information on
contingent liability is disclosed in the Notes to the Ind AS financial statements. Contingent assets are not recognised.
However, when the realisation of income is virtually certain, then the related asset is no longer a contingent asset, but it
is recognised as an asset.

1.15. Earnings Per Share

Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post-tax effect of extraordinary
items, if any) by the weighted average number of equities shares outstanding during the year. Diluted earnings per share
is computed by dividing the profit / (loss) after tax (including the post-tax effect of extraordinary items, if any) as adjusted
for dividend, interest and other charges to expense or income (net of any attributable taxes) relating to the dilutive
potential equity shares, by the weighted average number of equity shares considered for deriving basic earnings per
share and the weighted average number of equity shares which could have been issued on the conversion of all dilutive
potential equity shares.

Potential equity shares are deemed to be dilutive only if their conversion to equity shares would decrease the net profit
per share from continuing ordinary operations. Potential dilutive equity shares are deemed to be converted as at the
beginning of the period, unless they have been issued at a later date. The dilutive potential equity shares are adjusted
for the proceeds receivable had the shares been actually issued at fair value (i.e. average market value of the outstanding
shares). Dilutive potential equity shares are determined independently for each period presented. The number of equity
shares and potentially dilutive equity shares are adjusted for share splits / reverse share splits and bonus shares, as
appropriate.

1.16. Leases

a) Finance Lease

Leases are classified as finance leases, if substantially all of the risks and rewards incidental to ownership of the
leased asset is transferred to the lessee.

b) Operating Lease

As a lessee

A lease is classified at the inception date as a finance lease or an operating lease.

A lease that transfers substantially all the risks and rewards incidental to ownership to company is classified as a
finance lease.

A leased asset is depreciated over the useful life of the asset. However, if there is no reasonable certainty that
the company will obtain ownership by the end of the lease term, the asset is depreciated over the shorter of the
estimated useful life of the asset and the lease term.

Operating lease payments are recognised as an expense in the statement of profit and loss on a straight-line basis
over the lease term.

As a lessor

Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are
classified as operating leases. Initial direct costs incurred in negotiating and arranging an operating lease are added
to the carrying amount of the leased asset and recognised over the lease term on the same basis as rental income.
Contingent rents are recognised as revenue in the period in which they are earned.

1.17. Revenue Recognition

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the
revenue can be reliably measured, regardless of when the payment is being made. Revenue is measured at the fair value
of the consideration received or receivable, taking into account contractually defined terms of payment and excluding
taxes or duties collected on behalf of the government. The Company recognises revenue when the specific criteria have
been met for each of the Company's activities as described below:

a) Charter Hire Income

Income from charter hire and demurrage earnings is recognized on accrual basis as per the terms of agreement.

b) Dredging Income

Income from dredging services is recognized on accrual basis as per the terms of agreement.

c) Interest Income

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the
applicable effective interest rate.

d) Insurance Claims

Claims including insurance claims are accounted when there is a reasonable certainty of the realisation of the claim
amount.

e) Income from other services is accounted on accrual basis as per the terms of the relevant agreement.

1.18. Borrowings

Borrowings are initially recognised at fair value, net of transaction costs incurred. Borrowings are subsequently measured
at amortised cost. Any differences between the proceeds (net of transaction costs) and the redemption amount is
recognised in Profit or loss over the period of the borrowing using the effective interest method. Fees paid on the
establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some
or all of the facilities will be drawn down. In this case, the fee is deferred until the drawdown occurs. To the extent there is
no evidence that it is probable that some or all of the facilities will be drawn down, the fee is capitalised as a prepayment
for liquidity services and amortised over the period of the facility to which it relates.

The borrowings are removed from the Balance sheet when the obligation specified in the contract is discharged,
cancelled or expired. The difference between the carrying amount of the financial liability that has been extinguished or
transferred to another party and the consideration paid including any noncash asset transferred or liabilities assumed, is
recognised in profit or loss as other gains/(losses).

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the
liability of at least 12 months after the reporting period. Where there is a breach of a material provision of a long term
loan arrangement on or before the end of the reporting period with the effect that the liability becomes payable on
demand on the reporting date, the entity does not classify the liability as current, if the lender agreed, after the reporting
period and before the approval of the financial statement for issue, not to demand payment as a consequence of the
breach.

1.19. Borrowing cost

General and specific borrowing costs that are directly attributable to the acquisition, construction or production of
a qualifying asset are capitalised during the period of time that is required to complete and prepare the asset for its
intended use for sale. Borrowing costs directly attributable to the acquisition, construction or production of an asset that
necessarily takes a substantial period of time to get ready for its intended use or sale are capitalised as part of the cost of
the asset.

All other borrowing costs are expensed in the period in which they occur. Borrowing costs consist of interest and other
costs that an entity incurs in connection with the borrowing of funds. Borrowing cost also includes exchange differences
to the extent regarded as an adjustment to the borrowing costs.

1.20. Assets held for Sale

Non-current assets are classified as held for sale if their carrying amounts will be recovered through a sale transaction
rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the
asset is available for immediate sale in its present condition subject to only terms that are usual and customary for sale
of such assets.

Non-current assets classified as held for sale are measured at the lower of carrying amount and fair value less cost to sell.
Property, plant and equipment classified as held for sale are not depreciated.

1.21. Fair Value Measurement

The Company measures certain financial instruments at fair value at each reporting date.

Certain accounting policies and disclosures require the measurement of fair values, for both financial and non- financial
assets and liabilities.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date in the principal or, in its absence, the most advantageous market
to which the Company has access at that date. The fair value of a liability also reflects its non-performance risk.

The best estimate of the fair value of a financial instrument on initial recognition is normally the transaction price - i.e.,
the fair value of the consideration given or received. If the Company determines that the fair value on initial recognition
differs from the transaction price and the fair value is evidenced neither by a quoted price in an active market for an
identical asset or liability nor based on a valuation technique that uses only data from observable markets, then the
financial instrument is initially measured at fair value, adjusted to defer the difference between the fair value on initial
recognition and the transaction price. Subsequently that difference is recognised in Statement of Profit and Loss on an
appropriate basis over the life of the instrument but no later than when the valuation is wholly supported by observable
market data or the transaction is closed out.

1.22. Financial Instruments

A financial instrument is any contract that gives rise to a financial asset of one entity and a financial liability or equity
instrument of another entity.

a) Financial Assets

Initial recognition and measurement

All financial assets are recognised initially at fair value plus, in the case of financial assets not recorded at fair value
through profit or loss, transaction costs that are attributable to the acquisition of the financial asset. Purchases or
sales of financial assets that require delivery of assets within a time frame established by regulation or convention
in the market place (regular way trades) are recognised on the trade date, i.e., the date that the Company commits
to purchase or sell the asset.

Subsequent measurement

Subsequent measurement is determined with reference to the classification of the respective financial assets
and the contractual cash flow characteristics of the financial asset, the Company classifies financial assets as
subsequently measured at amortised cost, fair value through Other Comprehensive Income or fair value through
profit and loss.

Debt instruments at amortised cost

Debt instruments such as trade and other receivables, security deposits and loans given are measured at the
amortised cost if both the following conditions are met:

> The asset is held within a business model whose objective is to hold assets for collecting contractual cash
flows, and

> Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal
and interest (SPPI) on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortised cost using the effective
interest rate (EIR) method. Amortised cost is calculated by taking into account any discount or premium on
acquisition and fees or costs that are an integral part of the EIR. The EIR amortisation is included in finance income
in the profit or loss. The losses arising from impairment are recognised in the profit or loss.

Debt instrument at FVTOCI

A 'debt instrument' is classified as at the FVTOCI if both of the following criteria are met:

> The objective of the business model is achieved both by collecting contractual cash flows and selling the
financial assets, and

> The asset's contractual cash flows represent SPPI.

Debt instruments included within the FVTOCI category are measured initially as well as at each reporting date at
fair value. Fair value movements are recognized in the other comprehensive income.

However, the company recognizes interest income, impairment losses and reversals and foreign exchange gain or
loss in the profit or loss.

Debt instrument at FVTPL

FVTPL is a residual category for debt instruments. Any debt instrument, which does not meet the criteria for
categorization as at amortized cost or as FVTOCI, is classified as at FVTPL.

Debt instruments included within the FVTPL category are measured at fair value with all changes recognized in
the Statement of Profit and Loss. However currently the company does not have any financial instruments in this
category.

Equity investments

All equity investments in scope of Ind-AS 109 are measured at fair value. Equity instruments which are held for
trading are classified as at FVTPL.

For all other equity instruments, the company decides to classify the same either as at FVTOCI or FVTPL The company
makes such election on an instrument-by-instrument basis. The classification is made on initial recognition and is
irrevocable.

If the Company decides to classify an equity instrument as at FVTOCI, all fair value changes on the instrument,
excluding dividends, are recognized in the Other Comprehensive Income. There is no recycling of the amounts
from Other Comprehensive Income to Statement Profit and Loss, even on sale of investment. However, the
Company may transfer the cumulative gain or loss within equity.

Equity instruments included within the FVTPL category are measured at fair value with all changes recognized in
the Profit or loss.

De- recognition

A financial asset is primarily derecognised when:

> The rights to receive cash flows from the asset have expired, or

> The company has transferred its rights to receive cash flows from the asset or has assumed an obligation to
pay the received cash flows in full without material delay to a third party under a 'pass-through' arrangement;
and either (a) the company has transferred substantially all the risks and rewards of the asset, or (b) the
company has neither transferred nor retained substantially all the risks and rewards of the asset, but has
transferred control of the asset

On de-recognition, any gains or losses on all debt instruments (other than debt instruments measured at FVOCI)
and equity instruments (measured at FVPTL) are recognized in the Statement of Profit and Loss. Gains and losses
in respect of debt instruments measured at FVOCI and that are accumulated in are reclassified to profit or loss on
de-recognition. Gains or losses on equity instruments measured at FVOCI that are recognized and accumulated in
Other Comprehensive Income are not reclassified to profit or loss on de-recognition

Impairment of financial assets

The company applies expected credit loss (ECL) model for measurement and recognition of impairment loss on
the following financial assets and credit risk exposure:

> Financial assets that are debt instruments, and are measured at amortised cost e.g., loans, debt securities,
deposits, trade receivables and bank balance.

> Financial assets measured at fair value through other comprehensive income.

In case of other assets (listed as a) above), the company determines if there has been a significant increase in credit
risk of the financial asset since initial recognition.

b) Financial liabilities

Initial recognition and measurement

All financial liabilities are recognised initially at fair value and, in the case of loans and borrowings and payables, net
of directly attributable transaction costs.

The Company's financial liabilities include trade and other payables, loans and borrowings including bank
overdrafts, financial guarantee contracts and derivative financial instruments.

Subsequent measurement

The measurement of financial liabilities depends on their classification, as described below:

Financial liabilities at FVTPL

Financial liabilities at fair value through profit or loss include financial liabilities designated upon initial recognition
as at fair value through profit or loss.

Financial liabilities designated upon initial recognition at fair value through profit or loss are designated at the
initial date of recognition, and only if the criteria in Ind-AS 109 are satisfied. For liabilities designated as FVTPL,
fair value gains/losses attributable to changes in own credit risk are recognized in Other Comprehensive Income.
These gains/losses are not subsequently transferred to profit or loss. However, the company may transfer the
cumulative gain or loss within equity. All other changes in fair value of such liability are recognised in the statement
of profit or loss.

Financial liabilities at amortized cost

Financial liabilities classified and measured at amortized such as loans and borrowings are initially recognized at
fair value, net of transaction cost incurred. After initial recognition, financial liabilities are subsequently measured at
amortised cost using the Effective interest rate (EIR) method.

Gains and losses are recognised in profit or loss when the liabilities are derecognised as well as through the EIR
amortisation process.

Amortised cost is calculated by taking into account any discount or premium on acquisition and fees or costs that
are an integral part of the EIR. The EIR amortisation is included as finance costs in the statement of profit and loss.

De-recognition

A financial liability is derecognized when the obligation under the liability is discharged or cancelled or expired.
When an existing financial liability is replaced by another from the same lender on substantially different terms, or
the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de¬
recognition of the original liability and the recognition of a new liability. The difference in the respective carrying
amounts is recognised in the statement of profit or loss.

c) Financial guarantee obligation

The company's investments include the effect of notional income from financial guarantee obligations.

d) Derivative Financial Instruments

Initial recognition and subsequent measurement

The company uses derivative financial instruments such as forward currency contracts to hedge its foreign currency
risks.

Such derivative financial instrument is initially recognised at fair value on the date on which derivative contract is
entered into and is subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair
value is positive and as financial liabilities when the fair value is negative.

Any gains or losses arising from changes in the fair value of derivatives are taken through other comprehensive
income.

e) Foreign Currency Convertible bonds (FCCBs)

FCCBs are separated into liability and equity components based on the terms of the contract. On issuance of the
FCCBs, the fair value of the liability component is determined using a market rate for an equivalent non-convertible
instrument. This amount is classified as a financial liability measured at amortised cost (net of transaction costs)
until it is extinguished on conversion or redemption. The remainder of the proceeds is allocated to the conversion
option that is recognised and included in equity since conversion option meets Ind AS 32 criteria for fixed-to-fixed
classification. Transaction costs are apportioned between the liability and equity components of the FCCBS based
on the allocation of proceeds to the liability and equity components when the instruments are initially recognised.
However, during the year under review, no FCCBs were issued or outstanding.

Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the balance sheet if there is a
currently enforceable legal right to offset the recognised amounts and there is an intention to settle on a net basis,
to realise the assets and settle the liabilities simultaneously.

1.23. Employee Benefits

a) Short-term employee benefits

All employee benefits payable wholly within twelve months of rendering the service are classified as short-term
employee benefits. Benefits such as salaries, wages, performance incentives, etc. are recognised at actual amounts
due in the period in which the employee renders the related service.

b) Post-employment benefits

(i) Defined Contribution Plans

Payments made to defined contribution plans such as Provident Fund are charged as an expense as they fall
due.

(ii) Defined Benefit Plans

The cost of providing benefit i.e. gratuity is determined using the Projected Unit Credit Method, with actuarial
valuation carried out as at the Balance Sheet date. Actuarial gains and losses are recognised immediately in
the other comprehensive income. Remeasurement gains and losses arising from experience adjustments
and changes in actuarial assumptions are recognized in the period in which they occur, directly in Other
Comprehensive Income. They are included in retained earnings in the Statement of Changes in Equity and in
the Balance Sheet.

c) Other Long-term employee benefits

Other Long - term employee benefit viz. leave-encashment, gratuity is recognised as an expense in the other
comprehensive income as it accrues. The Company determines the liability using the Projected Unit Credit Method,
with actuarial valuation carried out as at the balance sheet date. The actuarial gains and losses in respect of such
benefit are charged to the other comprehensive income.

a) In River pearl 2 & River Pearl 12 addition of Rs. 8.82 lakhs and Rs 5.59 lacs respectively are a component which has
been replaced and have been accounted as per IND AS 116 applicability. Estimated life has been considered to be
10 years.

b) During the year River Pearl 14, River Pearl 19, River Pearl 20, River Pearl 21, River Pearl 22, River Pearl 23, River Pearl
24, River Pearl 25, River Pearl 26, River Pearl 27, River Pearl 28, River Pearl 29, River Pearl 30, River Pearl 31, River Pearl
32 and FRP Survey Boat was transferred from Capital working in progress to respective Fixed Assets Classification.
Expense incurred in constructing these assets have been capitalized till the date it is available for use. Finance
and transaction cost till the date assets is available for use have also been capitalized in the cost of the assets in
accordance with IND AS116. These assets were "available for use” to generate the revenue and has been deployed
in the respective projects for which they have been acquired.

c) During the year under review, assets such as River Pearl 33, River Pearl 34&35, River Pearl 36, River Pearl 37, River
Pearl 38, River Pearl 39, River Pearl 40, River Pearl 41, and River Pearl 42 were acquired as per the requirement of
specific project and are under CWIP till the asset is made "available for use”.

d) Office Construction has been completed and OC have been received. Furniture and Interior work is in process and
will be made available for use on completion of interiors.

e) Vessels net book Value amounting to ' 5,466.92 Lakhs have been charged/mortgage with the lenders (Refer NOTE
- 10 (A) - statement of principal terms of secured loans and assets charged as security).

f) Office with Net Book Value of Rs 296.17 Lakhs has been charged/mortgage with the lenders (Refer Note - 10 (A)-
Statement of Principal Terms of Secured Loans and assets charged as security)

FIRST TIME ADOPTION OF IND-AS

These financial statements for the year ended March 31,2025 has prepared in accordance with IND AS for the first time
by the Company. For periods up to and including the year ended March 31,2024, the Company prepared its annual
financial statements in accordance with accounting standards notified under section 133 of the Companies Act 2013,
read together with paragraph 7 of the Companies (Accounts) Rules, 2014 (Indian GAAP)

Accordingly, the Company has prepared financial statements which comply with IND AS applicable for the year ending
on March 31,2025, together with the comparative period data as at end of the year ended March 31,2024, as described
in the summary of significant accounting policies. These notes explain the principal adjustments made by the Company
in restating its Indian GAAP financial statements, including the balance sheet as at April 01,2023 and financial statements
as at end for the year ended March 31,2024.

Transition to Ind AS - Reconciliations

The following reconciliations provide a quantification of the effect of significant differences arising from the transition
from previous GAAP to Ind-AS as required under Ind AS 101.

1. Reconciliation of Balance sheet as at 01/04/2023 (The Transition Date)

2. Reconciliation of Balance sheet as at 01/04/2024

3. Reconciliation of Statement of Profit and Loss for the year ended 01/04/2024.

4. Reconciliation of Equity as at 01/04/2023 and as at 01/04/2024.

5. Reconciliation of Net Profit for the year ended 01/04/2024.

The presentation requirements under Previous GAAP differ from Ind AS, and hence, Previous GAAP information has been
regrouped for ease of reconciliation with Ind AS. The regrouped previous GAAP information is derived from the Financial
Statements of the company prepared in accordance with Previous GAAP.

Exemptions availed on the first-time adoption of IND AS 101

IND AS 101 allows first-time adopters certain exemptions from the retrospective application of certain requirements
under IND AS. The Company has applied the following IND AS 101 exemptions from the transition date i.e. April 01,2023:

a) The Company has elected to avail exemption under IND AS 101 to use India GAAP carrying value as deemed cost
at the date of transition for all items of property, plant and equipment and intangible assets as per the statement
of financial position prepared in accordance with previous GAAP.

Impairment on Assets has been provided for on the transition date which was not in use or ascertain.

Component Accounting the company has elected to account Dry Dock expenditure as a component of Fleet
with useful life different than Fleet. The same was earlier expensed out in the Statement of Profit and Loss.

b) The Company has elected to measure investments in subsidiaries, associates and jointly controlled entities as per
the statement of financial position prepared in accordance with previous GAAP as a deemed cost at the date of
transition as per exemption available under IND AS 101.

Interest in the subsidiaries and joint venture entities through fair valuation of loan transaction and financial
guarantees at initial recognition on transition date had been accounted as investments in accordance with IND
AS 109 in the interim financial statements during the year. However, in its first IND AS financial statements, the
Company has accounted such interest on account of fair valuation of interest free loans and financial guarantees
on transition date to the retained earnings.

c) The Company has elected to avail exemption under IND AS 101 to continue the policy adopted for accounting
for exchange differences arising from translation of long-term foreign currency monetary items outstanding and
recognised in the financial statements for the period ending immediately before the beginning of the first IND AS
financial reporting period as per the previous GAAP.

d) Estimates: The estimates at 1 April 2023 and at 31 March 2024 are consistent with those made for the same dates
in accordance with Indian GAAP (after adjustments to reflect any differences in accounting policies) apart from the
following items where application of Indian GAAP did not require estimation:

- FVTOCI - Loan and Advances

- FVTPL - Security Deposit

- Impairment of financial assets based on the risk exposure and application of ECL model.

The estimates used by The Company to present these amounts in accordance with IND AS reflect conditions at April 01,
2023, the date of transition to IND AS and as of March 31,2024.

The Company's management had previously issued its audited financial results for the year ended March 31,2024 on
May 28, 2024, that were all prepared in accordance with the recognition and measurement principles of the Companies
(Accounting Standards) Rules, 2006 prescribed under Section 133 of the Companies Act, 2013, read with the relevant
rules issued thereunder and other accounting principles generally accepted in India ('Previous GAAP'). The Company's
management has now prepared the IND AS Financial Statements for the year ended March 31,2024 in accordance with
the recognition and measurement principles laid down by the Indian Accounting Standards (IND AS) prescribed under
Section 133 of the Companies Act, 2013 read with Para 7 of the Companies (Accounts) Rule, 2015 as amended and other
accounting principles generally accepted in India.

The Company has prepared a reconciliation of the amounts of net profit as reported under the Previous GAAP to those
computed as per IND AS and the same is given in note no. A and B below. The Company has also prepared a reconciliation
of the amounts of total equity as reported under the Previous GAAP to those computed as per IND AS and the same is
given in note no. C and D below.

Explanatory Notes to the transition from previous GAAP to Ind AS:

a) Property, Plant and Equipment
Dry-docking Cost

These were debited to the statement of profit and loss under the previous GAAP. Under IND-AS, the Company has
amortized these costs over a period of 2.5 Years.

Impaired Assets

The Company has elected to avail exemption under Ind AS 101 to use Indian GAAP carrying value as deemed cost
at the date of transition for all items of Property, Plant and Equipment and Intangible assets. As per the statement
of financial position prepared in accordance with previous GAAP. Assets identified as not in Use or Impaired due to
wear and tear has been amortised as on transition date.

b) Investments

While transiting the Accounts from Previous GAAP to Ind AS and as per exemption available under Ind AS 101,
the Company has elected to measure the value of its investments in subsidiaries, associates, and jointly controlled
entities based on the figures reported under the previous GAAP as a deemed cost.

In accordance with Ind AS 109, at initial recognition, Interest in the subsidiaries and joint venture entities are
recognized through fair valuation of loan transaction and financial guarantees, on transition date and while
declaring the interim financial results. The same had been accounted as investments. However, in its first Ind AS
financial statements, on transition date, the Company has accounted such interest on account of fair valuation of
interest free loans and financial guarantees to the retained earnings.

Loans and Advances provided to Bahrain Subsidiary are Reclassified from "Other Loans of Advances” to "Financial
Assets”.

c) Trade Receivables

Trade Receivable for more than 12 months in the past has been re-grouped as Non- Current Trade Receivable.

d) Classification and fair value measurement of Financial Assets and Financial Liabilities: The Company has assessed
the classification and fair valuation impact of financial assets and liabilities under Ind AS 32 / Ind AS 109 on the
basis of the facts and circumstances at the transition date. Impact of fair value changes as on date of transition, is
recognised in opening reserves and changes thereafter are recognised in Statement of Profit and Loss Account or
Other Comprehensive Income, as the case may be.

Customers' bills discounted has been recognised as financial assets and liabilities, as the Company has retained
substantially all risks and rewards of ownership of the transferred assets based on arrangements with the bankers
and the customers Borrowings (part of Financial Liabilities) - Under Indian GAAP, transaction costs incurred in
connection with borrowings are amortised upfront and charged to profit or loss for the period. Under Ind AS,
transaction costs are included in the initial recognition amount of financial liability measured at amortised cost and
charged to Statement of Profit and Loss using the Effective Interest Rate (EIR) method.

e) Fair value measurement of financial assets or liabilities:- The Company has applied provision of IND AS 109 for
financial assets or liabilities measured at fair value prospectively to transactions occurring on or after date of
transition to IND AS.

f) Trade Receivable has been categorized into long term and Short Term.

g) Grouping as per IND AS and Schedule required has been re-grouped.

h) Deferred Tax Adjustments: Indian GAAP requires deferred tax accounting using the income statement approach,
which focuses on differences between taxable profits and accounting profits for the period. Ind AS 12 requires
entities to account for deferred taxes using the balance sheet approach, which focuses on temporary differences
between the carrying amount of an asset or liability in the balance sheet and its tax base. The application of Ind AS
12 approaches has resulted in recognition of deferred tax on new temporary differences which was not required
under Indian GAAP. In addition, the various transitional adjustments lead to temporary differences. According to
the accounting policies, the Company has to account for such differences. Deferred tax adjustments are recognised
in no relation to the underlying transaction either in retained earnings or a separate component of equity. Further,
tax credits in the form of minimum alternate tax credit entitlement is classified as differed tax under Ind AS.

a) Provisions

A provision is recognized only when there are present obligations as a result of past event and when a reliable
estimate of the amount of obligation can be made. These estimates are reviewed at each reporting date and
adjusted to reflect the current best estimates.

b) Contingent Liabilities

Contingent liability is a possible obligation that arises from the past events whose existence will be confirmed by
the occurrence or non-occurrence of one or more uncertain future events beyond the control of the company or
a present obligation that is not recognized because it is not probable that an outflow of resources will be required
to settle the obligation. A contingent liability also arises in extremely rare cases where there is liability that cannot
be recognized because it cannot be measured reliably. The company does not recognize a contingent liability but
discloses its existence in the financial statements.

d. The Company do not have any intangible asset under development

e. Details of Benami Property held

The Company do not have any Benami property, where any proceeding has been initiated or pending against the
Company for holding any Benami property.

f. Wilful Defaulter

The company has not been declared as a wilful Defaulter by any Financial Institution or bank as at the date of
Balance Sheet

g. Relationship with Struck off Companies

The Company do not have any transactions with companies struck off.

h. Registration of charges or satisfaction with Registrar of Companies (ROC)

The company has no pending charges or satisfaction which are yet to be registered with the ROC beyond the
Statutory period

i. Compliance with number of layers of companies

The company has complied with the provision of the number of layers prescribed under clause (87) of section 2 of
the Act read with the Companies (Restriction on number of Layers) Rules, 2017.

j. Compliance with approved Scheme(s) of Arrangements

There are no Schemes of Arrangements has been approved by the Competent Authority in terms of sections 230
to 237 of the Companies Act, 2013.

k. discrepancy in utilization of borrowings

The company has used the borrowings from banks and financial institutions for the specific purpose for which it
was taken at the balance sheet date. There are no discrepancies in utilisation of borrowings.

l. Utilisation of Borrowed funds and share premium:

(i) 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 other person(s) or entity(ies), including foreign entities
(intermediaries) with the understanding, whether recorded in writing or otherwise, that the intermediary
shall lend or invest in party identified by or on behalf of the Company.

(ii) Company has not received any fund from any party(s) (funding Party) with the understanding that the
Company shall whether, directly or indirectly lend or invest in other persons or entities identified by on behalf
of the Company (ultimate beneficiary) or provide any guarantee, security or like on behalf of the ultimate
beneficiaries.

h. Undisclosed income

The Company has no transaction that is not recorded in the books of accounts that has been surrendered or
disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or
survey or any other relevant provisions of the Income Tax Act, 1961).

i. Details of Crypto Currency or Virtual Currency

The company has not traded or invested in Crypto currency or Virtual Currency.

13. Fair value hierarchy

The fair values of the financial assets and liabilities are included at the amount that would be received to sell an asset or
paid to transfer a liability in an orderly transaction between market participants at the measurement date. This section
explains the judgements and estimates made in determining the fair values of the financial instruments that are (a)
recognized and measured at fair value and (b) measured at amortized cost and for which fair values are disclosed in
the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the
Company has classified its financial instruments into three levels prescribed under the Ind AS. An explanation for each
level is given below.

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity
instruments, exchange traded funds and mutual funds that have quoted price. The fair value of all equity instruments
which are traded in the stock exchanges is valued using the closing price as at the reporting period. The mutual funds
are valued using the closing Net Assets Value (NAV), NAV represents the price at which, the issuer will issue further units
and will redeem such units of mutual funds to and from the investors.

Level 2: The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If
all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Instruments
in the level 2 category for the Company include foreign exchange forward contracts.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in this
level.

There are no internal transfers of financial assets and financial liabilities between Level 1, Level 2, Level 3 during the
period. The Company's policy is to recognize transfers into and transfers out of fair value hierarchy level as at the end of
the reporting period.

The carrying amounts of trade receivables, cash and cash equivalents, fixed deposit having maturity period upto 12
months and its interest accrued, export benefits receivable, current loans, current borrowings, trade payables and other
financial liabilities are considered to be approximately same as their value, due to the short -term maturities of these
financial assets/liabilities.

During the periods mentioned above, there have been no transfers amongst the levels of hierarchy.

14. Capital Management
Risk management

The Company's objectives when managing capital is to safeguard continuity, maintain a strong credit rating and healthy
capital ratios in order to support its business and provide adequate return to shareholders through continuing growth.
The Company's overall strategy remains unchanged from previous year.

The Company determines the amount of capital required on the basis of annual business and long-term operating plans
which include capital and other strategic investments.

The funding requirements are met through a mixture of equity, internal fund generation and other long-term borrowings.
The Company's policy is to use short-term and long-term borrowings to meet anticipated funding requirements.

For the purpose of the Company's capital management, equity includes paid up capital, securities premium and other
reserves. Net debt are long term and short term liabilities. The Company's strategy is to maintain a gearing ratio within
2:1.

The Company's risk management is carried out by a central treasury department under policies approved by the Board
of Directors. Company's treasury team identifies, evaluates and hedges financial risks in close cooperation with the
Company's respective department heads. The Board provides written principles for overall risk management, as well
as policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial
instruments and nonderivative financial instruments, and investment of excess liquidity.

A. Credit risk

Credit risk is the risk that counterparty will not meet its obligation under a financial instrument or customer
contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily
trade receivables) and from its financing activities, including deposits with banks, investments in mutual funds,
foreign exchange transactions and other financial instruments. The credit risk encompasses both the direct risk
of default and the risk of deterioration of credit worthiness as well as concentration risks. To manage this, the
Company periodically assesses the financial reliability of counter party, taking into account the financial condition,
current economic trends, analysing the risk profile of the counter party and the analysis of historical bad debts and
ageing of accounts receivable etc. Individual risk limits are set accordingly.

The Company determines default by considering the business environment in which the Company operates
and other macro-economic factors. The Company considers the probability of default upon initial recognition
of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each
reporting period. To assess whether there is a significant increase in credit risk the Company compares the risk of
a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition.
It considers reasonable and supportive forwarding-looking information such as:

i) Actual or expected significant adverse changes in business;

ii) Actual or expected significant changes in the operating results of the counterparty;

iii) Financial or economic conditions that are expected to cause a significant change to the counterparty's ability
to meet its obligations;

iv) Significant increase in credit risk on other financial instruments of the same counterparty;

v) Significant changes in the value of the collateral supporting the obligation or in the quality of the third-party
guarantees.

None of the financial instruments of the Company result in material concentration of credit risk. The carrying
value of financial assets represent the maximum credit risk. Financial assets are written off when there is
no reasonable expectation of recovery, such as a debtor failing to engage in a repayment plan with the
Company.

i) Trade receivables

The Company extends credit to customers in normal course of business. The Company considers factors
such as credit track record in the market and past dealings for extension of credit to customers. Credit
risk is managed through credit approvals, establishing credit limits, payment track record, monitoring
financial position of the customer and other relevant factors. Outstanding customer receivables are
regularly monitored and reviewed.

The Company evaluates the concentration of risk with respect to trade receivables as limited, as
its customers are located in several jurisdictions and industries and operate in largely independent
markets. The exposure to customers is diversified and no substantial concentration of risk as no single
customer contributes more than 10% of revenue and of the outstanding receivables. Sales made in
domestic market predominantly are through agents appointed by the Company, the agents being
del credere agents most of the credit risk emanating thereto is borne by agents and the Company's
exposure to risk is limited to sales made to customers directly. In case of direct sale, the Company has
a policy of dealing only with credit worthy counter parties. The credit risk related to such sales are
mitigated by taking advance, security deposit, letter of credit, setting and monitoring internal limits on
exposure to individual customers as and where considered necessary.

An impairment analysis which includes assessment for indicators of impairment is performed at each
reporting date on an individual basis for all major customers and provision for impairment taken. The
allowance reduces the net carrying amount.

ii) Financial Instruments and Cash Deposits

The Company maintains exposure in Cash and Cash equivalents, term deposits with banks and
investments in mutual funds, the same is done after considering factors such as track record, size of
the institution, market reputation and service standards. Generally, the balances are maintained with
the institutions from whom the Company has also availed borrowings. Individual risk limits are set
for each counter party based on financial position, credit rating and past experience. Credit risk and
concentration of exposure are actively monitored by the Company. None of the financial instruments
of the Company result in material concentration of credit risk.

iii) The ageing analysis of the trade receivables (other than due from related parties) has been considered
from the date the Invoice falls due.

B. Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations, by delivering
cash or other financial assets, on time or at a reasonable price. For the Company, liquidity risk arises from obligations
on account of financial liabilities - borrowings, trade and other payables, derivative instruments and other financial
liabilities.

The Company's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient
liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable
losses or risking damage to the Company's reputation. The Company manages liquidity risk by maintaining
adequate cash and drawable reserves, by continuously monitoring forecast and actual cash flows and matching
the maturity profiles of the financial assets and liabilities. The Company regularly monitors liquidity position through
rolling forecast based on estimated free cash flow generated from business. The Company invests its surplus funds
in bank fixed deposits and liquid schemes of mutual funds, which carry no/negligible mark to market risks.

Foreign currency risk

Currency risk is the risk that the fair value of a financial instrument or future cash flows fluctuate because of changes
in market price of the functional currency. The Company is exposed to foreign exchange risk on their receivables
and payables which are mainly held in the United State Dollar ("USD”), the Euro ("EUR”) and British Pound ('GBP').
Consequently, the Company is exposed primarily to the risk that the exchange rate of the Indian Rupees ("Rs.”)
relative to the USD, the EUR, and the GBP may change in a manner that has a material effect on the reported values
of the Company's assets and liabilities that are denominated in these foreign currencies.

The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established
risk management policy wherein exposure is identified, a benchmark is set and monitored closely for suitable
hedges, including minimizing cross currency transactions, using natural hedge and the use of derivatives like
foreign exchange forward contracts to hedge exposure to foreign currency risk.

16. During the year ended 31st March, 2025 the revised Schedule VI notified under the Companies Act, 2013, is applicable
to the Company. The Company has reclassified previous year figures to confirm to this year's classification. The adoption
of revised Schedule VI does not impact recognition and measurement principles followed for preparation of financial
statements.

As per our report of even date For and on behalf of the board of

For L K J & Associates LLP Knowledge Marine & Engineering Work Limited

Chartered Accountants
FRN 105662W/W100174

CA Ramesh Luharuka Saurabh Daswani Kanak Kewalramani Avdhoot Kotwal

Partner Managing Director Whole-time Director & Chief Financial Officer Company Secretary & Compliance Officer

M. No. : 031765 DIN: 07297445 DIN: 06678703 Mem No.: ACS 73327

Market risk

Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity or
commodity prices will affect the Company's income/cash flows or the value of its holdings of financial instruments.
The objective of market risk management is to manage and control market risk exposures within acceptable
parameters, while optimising the return. The sensitivity analysis excludes the impact of movements in market
variables on the carrying value of postemployment benefit obligations provisions and on the non-financial assets
and liabilities. Financial instruments affected by market risk include receivables, loans and borrowings, advances,
deposits, investments and derivative financial instruments. The sensitivity of the relevant profit and loss item is the
effect of the assumed changes in respective market risks.

The Company's activities expose it to risks on account of changes in foreign currency exchange rates and interest
rates.

The Company uses derivative financial instruments such as foreign exchange forward contracts of varying maturity
depending upon the underlying contract as a risk management strategy to manage its exposures to foreign
exchange fluctuations and interest rate.