(q) Provisions and Contingent liabilities

A provision is recognized when the Company has
a present obligation (Legal or Constructive) as a
result of past events, if 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. These estimates are reviewed at each
Balance Sheet date and adjusted to reflect the
current best estimates.

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.

A contingent liability is a possible obligation that
arises from 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 a
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.

(r) Segment Reporting

The Chief Operational Decision Maker monitors
the operating results of its business Segments
separately for the purpose of making decisions
about resource allocation and performance
assessment. Segment performance is evaluated
based on profit or loss and is measured
consistently with profit or loss in the financial
statements.

The Operating segments have been identified
based on geographical location of the vessel.
The operating segments have been disclosed
based on revenues within India and outside India.

(s) Earnings per Share

Basic earnings per share are calculated by
dividing the net profit/ loss for the year attributable
to equity shareholders by the weighted average
number of equity shares outstanding during the
year.

For the purpose of calculating diluted earnings
per share, the net profit for the year attributable
to equity shareholders and the weighted average
number of shares outstanding during the year are
adjusted for the effects of diluted potential equity
shares, if any.

(t) Borrowing Costs

Borrowing costs directly attributable to the
acquisition and construction of an asset which
takes a substantial period of time to get ready
for its intended use, are capitalized as a part of
the cost of such assets, until such time the asset
is substantially ready for its intended use. All other
borrowing costs are recognized in the Statement
of Profit and Loss in the year in which they occur.

Borrowing costs consist of interest and other
costs incurred in connection with borrowing of
funds. Borrowing cost also includes exchange
differences to the extent regarded as an
adjustment to the borrowing costs.

(u) Financial Instruments

Financial assets and financial liabilities are
recognised when a Company becomes a party
to the contractual provisions of the instruments.

a) Financial Assets

Classification of financial assets (debt
instruments) at amortised cost

The Company classifies its financial assets at
amortised cost only if both of the following
criteria are met: the asset is held within
a business model whose objective is to
collect the contractual cash flows, and the
contractual terms give rise to cash flows that
are solely payments of principal and interest
(SPPI).

Classification of investment in equity
securities at fair value through other
comprehensive income

Equity securities (unlisted) which are not held
for trading, and for which the Company has
irrevocably elected at initial recognition to
present changes in fair value through OCI
rather than profit or loss. These are strategic
investments and the Company considers
this classification to be more relevant.

Classification of financial assets (debt
instruments) at fair value through profit or
loss

The Company classifies the financial assets
at fair value through profit or loss (FVTPL)
where the SPPI condition is not met.

i) Initial Recognition

At initial recognition, the Company
measures a financial asset (excluding
trade receivables) at its fair value plus,
in the case of a financial asset not at fair
value through profit or loss, transaction
costs that are directly attributable to
the acquisition of the financial asset.
Transaction costs of financial assets
carried at fair value through profit or
loss are recongnised in profit or loss.

ii) Subsequent Measurement

For purposes of subsequent
measurement, financial assets are
classified in following categories:

Financial Assets at Amortised Cost

These assets are subsequently
measured at amortised cost using the
effective interest method. The amortised
cost is reduced by impairment losses, if
any. Interest income, foreign exchange
gains and losses and impairment are
recognised in profit or loss. Any gain or
loss on derecognition is recognised in
profit or loss.

Financial Assets Measured at Fair
Value

These assets are subsequently
measured at fair value. Net gains and
losses, including any interest or dividend
income, are recognised in profit or
loss. Financial asset not measured at
amortised cost or at fair value through
OCI is carried at FVTPL.

Financial assets measured at fair
value through other comprehensive
income

Financial assets at fair value through
other comprehensive income (FVTOCI)
comprise equity security (unlisted) which
is not held for trading, and for which the
Company has irrevocably elected at
initial recognition to present changes in
fair value through OCI rather than profit
or loss. These are strategic investments
and the Company considers this
classification to be more relevant.

iii) Impairment of Financial Assets

The Company recognises loss
allowances on a forward-looking
basis using the expected credit
loss (ECL) model for all the financial
assets carried at amortised cost. The
Company recognises impairment loss
on trade receivables and contract
assets using expected credit loss
model which involves use of a provision
matrix constructed on the basis
of historical credit loss experience
and adjusted for forward-looking
information as permitted under Ind
AS 109. In addition, in case of event
driven situations such as litigations,
disputes, change in customer's credit
risk history, specific provisions are made
after evaluating the relevant facts and
circumstances, if any. The amount of
expected credit losses (or reversal) that
is required to adjust the loss allowance
at the reporting date is recognised as
an impairment gain or loss in the profit
or loss.

iv) De-recognition of Financial Assets

The Company derecognises a financial
asset when the contractual rights to the
cash flows from the asset expire, or
when it transfers the financial asset and
substantially all the risks and rewards
of ownership of the asset to another
party and does not retain control of
the asset. The Company continues to
recognise the asset where it retains
either all or substantially all of the risk
and rewards of the transferred assets.
On derecognition of a financial asset in
its entirety, the difference between the
asset's carrying amount and the sum of
the consideration received recognised
in the profit or loss.

b) Equity Instruments and Financial Liabilities

Debt and equity instruments issued by a
Company are classified as either financial
liabilities or as equity in accordance with the
substance of the contractual arrangements
and the definitions of a financial liability and
an equity instrument.

i) Equity Instruments

An equity instrument is any contract
that evidences a residual interest in the
assets of the Company after deducting
all of its liabilities. Equity instruments
which are issued for cash are recorded
at the proceeds received, net of direct
issue costs. Equity instruments which
are issued for consideration other than
cash are recorded at fair value of the
equity instrument.

ii) Financial Liabilities

Financial liabilities are classified as
measured at amortised cost or FVTPL. A
financial liability is classified as at FVTPL
if it is classified as held-for-trading, it is
a derivative or it is designated as such
on initial recognition. Financial liabilities
at FVTPL are measured at fair value
and net gains and losses, including
any interest expense, are recognised
in profit or loss. Other financial

liabilities are subsequently measured
at amortised cost using the effective
interest method. Interest expense and
foreign exchange gains and losses
are recognised in the profit or loss. Any
gain or loss on derecognition is also
recognised in profit or loss.

Derivative financial instruments

The Company uses derivative financial
instruments i.e. foreign exchange
forward to manage its exposure to
foreign exchange risks. Such derivative
financial instruments are initially
recognised at fair value on the date on
which a derivative contract is entered
into and are subsequently remeasured
at fair value. The resulting gain or
loss is recognised in the profit or loss
immediately unless the derivative is
designated and effective as a hedging
instrument, in which event the timing
of the recognition in the profit or loss
depends on the nature of the hedging
relationship and the nature of the
hedged item.

De-recognition of Financial Liabilities

The Company derecognises a
financial liability when its contractual
obligations are discharged or
cancelled or expire. The Company
also derecognises a financial liability
when its terms are modified and the
cash flows of the modified liability are
substantially different, in which case
a new financial liability based on the
modified terms is recognised at fair
value. On derecognition of a financial
liability, the difference between the
carrying amount extinguished and
the consideration paid (including any
non-cash assets transferred or liabilities
assumed) is recognised in profit or loss.

Liabilities under supplier finance
arrangement

Liabilities under supplier finance
arrangement represents amount
payable towards arrangements
wherein banks and financial institutions

to another market participant that would use the
asset in its highest and best use.

The Company uses valuation techniques that are
appropriate in the circumstances and for which
sufficient data are available to measure fair
value, maximising the use of relevant observable
inputs and minimising the use of unobservable
inputs.

All assets and liabilities for which fair value is
measured or disclosed in the financial statements
are categorised within the fair value hierarchy,
described as follows, based on the lowest
level input that is significant to the fair value
measurement as a whole:

Level 1 - Quoted (unadjusted) market prices in
active markets for identical assets or liabilities

Level 2 - Valuation techniques for which the
lowest level input that is significant to the fair value
measurement is directly or indirectly observable.

Level 3 - Valuation techniques for which the
lowest level input that is significant to the fair
value measurement is unobservable.

The Management determines the policies
and procedures for both recurring fair value
measurement, such as unquoted financial assets
measured at fair value, and for non-recurring
measurement, such as assets held for distribution
in discontinued operations. The Management
comprises of the head of the investment
properties segment, heads of the Company's
internal mergers and acquisitions team, the head
of the risk management department, financial
controllers and chief finance officer.

For assets and liabilities that are recognised in
the financial statements on a recurring basis, the
Company determines whether transfers have
occurred between levels in the hierarchy by
re-assessing categorisation (based on the lowest
level input that is significant to the fair value
measurement as a whole) at the end of each
reporting period.

(w) Recent pronouncement

The Ministry of Corporate Affairs vide notification
dated May 07, 2025, and August 13, 2025, notified
the Companies (Indian Accounting Standards)
Amendment Rules, 2025 and Companies (Indian

Accounting Standards) Second Amendment
Rules, 2025, respectively, which amended certain
accounting standards (see below), and are
effective for annual reporting periods beginning
on or after April 01,2025:

i) Classification of Liabilities as Current or
Non-current and Non-current Liabilities
with Covenants - Amendments to Ind AS 1

As a result of the adoption of the
amendments to Ind AS 1, the Company
changed its accounting policy for the
classification of borrowings: Borrowings are
classified as current liabilities unless, at the
end of the reporting period, the Company
has a right to defer settlement of the liability
for at least 1 2 months after the reporting
period.

Covenants that the Company is required
to comply with, on or before the end
of the reporting period, are considered
in classifying loan arrangements with
covenants as current or non-current.
Covenants that the Company is required to
comply with after the reporting period do
not affect the classification.

This new policy did not result in a change
in the classification of the Company's
borrowings. The Company did not make
retrospective adjustments as a result of
adopting the amendments to Ind AS 1.

ii) Supplier Finance Arrangements -
Amendments to Ind AS 7 and Ind AS 107

As a result of the adoption of the amendments
to Ind AS 7 and Ind AS 107, the Company
provided new disclosures for liabilities under
supplier finance arrangements.

iii) International Tax Reform - Pillar Two Model
Rules - Amendments to Ind AS 12

The Company is not within the scope of the
OECD Pillar Two Model Rules, as Pillar Two
legislation is not applicable in the jurisdictions
in which it operates, other than Abu Dhabi.
In Abu Dhabi, the statutory corporate tax
rate exceeds the 15% minimum threshold;
therefore, the Company does not have any
obligation to pay an effective tax rate top-
up under Pillar Two.

iv) Lack of Exchangeability - Amendments to
Ind AS 21

The amended Ind AS 21 have added
requirements to help entities to determine
whether a currency is exchangeable into
another currency, and the spot exchange
rate to use where it is not. These amendments
did not have any material impact on
the amounts recognised in prior periods
and are not expected to significantly
affect the current or future periods.
Amendments effective for the annual
reporting periods beginning on or after
April 1, 2026: Classification of Liabilities as
Current or Non-current and Non-current
Liabilities with Covenants - Amendments
to Ind AS 1. This amendment also includes
specific provisions that will take effect for
reporting periods beginning on or after
April 01, 2026, as outlined below. Under the
existing Ind AS 1, 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 statements for issue,
not to demand payment as a consequence
of the breach. However, the amended
requirements stipulate that entities will no
longer be permitted to consider lender
waivers that are granted after the reporting
date but before the standalone financial
statements are approved for the purpose
of classification of loans. This amendment
is required to be applied retrospectively in
accordance with Ind AS 8. The Company
does not expect this amendment to have
an impact on its operations or financial
statements.

(b) Terms/ rights attached to equity shares

The Company has only one class of equity shares having par value of ' 10 per share. Each holder of equity
shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees.

The dividend proposed, if any, by the Board of Director is subject to the approval of the share holder in the
ensuing Annual General Meeting, except interim dividend.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining
assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the
number of equity shares held by the shareholders.

(c) Shares held by holding Company

Out of equity shares issued by the Company, shares held by its holding Company are as below:

Nature and Purpose of Reserves:

(1) Capital redemption reserve:

Capital redemption reserve was created upon buy back of equity shares. The Company may utilise this reserve
in compliance with the provisions of the Companies Act 2013.

(2) General reserve:

Under the erstwhile Companies Act 1956, a general reserve was created through transfer of net profit at a
specified percentage in accordance with applicable regulations. Consequent to the introduction of the
Companies Act, 2013, the requirement to mandatorily transfer a specified percentage of net profit to general
reserve has been withdrawn.

(3) Tonnage tax reserve u/s 115VT of Income Tax Act, 1961:

A tonnage tax company shall, subject to and in accordance with the provisions of section 115VT of the Income
Tax Act, 1961, on yearly basis credit to tonnage tax reserve account, an amount not less than twenty percent
of the book profit derived from the activities referred to in clauses (i) and (ii) of sub-section (1) of section 115V-I
of the Income Tax Act, 1961.The Company can utilise this reserve as per provisions of Income Tax Act 1961. For
acquisition of the new vessel within 8 years.

(4) Retained earning

Retained earning represents surplus / accumulated earnings of the Company and are available for distribution
to shareholders.

Note:

1) Repayable over the period of 20 quarters for Seamec Paladin from December 2021 to September 2026, For Seamec
Swordfish from September 2023 to June 2028 and for Seamec Diamond from March 2024 to December 2028. Term loan is
denominated in INR with starting interest rate 7.20%, 7.05% and 6.71% linked with repo rate & 3 Month T bills, Interest is payable
at monthly rest. This loan is swapped with USD denominated loan. Loan taken as reimbursement against Vessel Seamec
Paladin and Seamec Swordfish and for Seamec Diamond it is for acquisition. All three term loans have been availed against
the primary security of respective vessels, and INR loan taken with interest rate 7.55% for Seamec Agastya over the period of
20 quarter from August 2025 to August 2033, for which agreement execution in respect Seamec agastya is under process.

2) Loan gaurantee by diretor Nil (31 March 2025:Nil)

3) Net debt reconciliation (refer note 56)

4) Loan covenant

Under the terms of the major borrowing facilities, the Company is required to comply with the following financial covenants at the

end of each year:

* DSCR >2x

* Fixed Assets Coverage Ratio (FACR) > 1.5x

* TOL/TNW < 1.5x

* Current Ratio >= 1.1

* Interest coverage ratio(ISCR) >4x

The Company has complied with these covenants throughout the reporting period.

There are no indications that the Company would have difficulties complying with the covenants when they will be next tested as at

the year end 31 March 2027.

(a) The Company has given Performance Bank Guarantee on behalf of its subsidiary Seamec Nirman Infra Limited
in favour of Larsen & Toubro Limited on 15^th Oct 2022.

(b) The case against the Company alleging violation of Foreign Exchange Regulation Act 1973 (FERA), related to
acquisition of Land drilling Rig, is pending before the Hon'ble Mumbai High Court. The Company has furnished a
Bank Guarantee of ' 1,000 Lakhs to the Enforcement Directorate, FERA, towards penalty imposed, as directed by
the Hon'ble Mumbai High Court which was valid till March 31, 2023. The said bank guarantee is renewed during
the year and now valid till March 31, 2026. No provision is considered necessary in respect of the said penalty
as the management believes, based on legal opinion, that there has been no contravention to FERA.

(c) During FY 2018-19 the Company has received assessment order from the Office of the Commissioner of GST &
Central Excise regarding service tax payable amounting to ' 649.50 Lakhs (including penalty of ' 59.2 Lakhs)
for FY2014-15 to FY 2015-16 towards liability of service tax on free supply of fuel by client. Against the above
order the Company has filed appeal before Hon'ble CESTAT. During FY 2019-20 Company has received show
cause notice cum demand notice for ' 225.34 Lakhs for FY 2016-17 and April 2017 to June 2017 towards liability
of service tax on free supply of fuel by client against which decision passed in favour of the Company in Feb
2021 by Principal Commissioner GST and Central Excise, Mumbai East Commissionerate. In June 2021, The
Committee of Chief Commissioners has reviewed the case and directed The Principal Commissioner GST and
Central Excise, Mumbai East Commissionerate to appeal to the CESTAT, Mumbai against the order passed by
him. No provision is considered necessary in respect of the said demand based on above order passed in our
favour and opinion received from consultants.

(d) Against the Directorate of Revenue Intelligence (DRI) Show Cause Notice in July - August 2012, the adjudication
proceedings was conducted by Commissioner of Customs (Import) who vide order dated March 28, 2013
imposed duty of ' 3,500 Lakhs, penalty for equivalent amount, interest and confiscation and made appropriation
of ' 1,260 Lakhs paid in 2011 under protest. Accordingly, total demand was ' 11,970 Lakhs. The Company has
furnished a Bank Guarantee of ' 820.90 Lakhs to Commissioner of Customs which was valid till March 31, 2023.
The said bank guarantee is renewed during the year and now valid till March 31, 2026.

Against the above adjudication order, the Company filed appeal before Hon'ble CESTAT for stay of the order
as well as appeal. Stay was granted while appeal was disposed off vide order of Hon'ble CESTAT dated
6^th December, 2017.

Being aggrieved, Company as a legal recourse, had filed Rectification of Mistake (ROM) before designated
forum of CESTAT. The Hon'ble CESTAT vide order dated February 27, 2018 remanded the matter to the original
authority, setting aside the demand, duty, penalty and confiscation with a specific direction of commencement
of adjudication subject to settlement of jurisdiction issue by the Hon'ble Supreme Court.

During FY 2018-19, Commissioner of Customs (Import) has filed appeal before Hon'ble Bombay High Court
against the order dated February 27, 2018 ROM application which has been admitted however no stay has
been granted. At present no demand exists with regard to aforesaid matter and such contingent liability cannot
be quantified due to open remand.

(e) During FY 2025-26 ,The Directorate General of Goods and Services Tax Intelligence (DGGI) has raised a demand
under the Reverse Charge Mechanism (RCM) in respect of Maintenance, Repair and Overhaul (MRO) services
received from non-taxable territories, alleging non-payment of IGST. A Show Cause Notice has been issued by the
Additional Commissioner/Joint Commissioner of Central Tax, CGST Mumbai East Commissionerate, demanding
IGST of ' 416.33 lakhs along with an equivalent penalty of ' 416.33 lakhs and applicable interest. The Company
has filed its response to the Show Cause Notice and is contesting the matter. Management believes that it has
a strong case on merits and, accordingly, no provision has been considered necessary at this stage.

Notes:

(i) The Company does not expect any reimbursement in respect of the above contingent liabilities.

(ii) It is not practicable to estimate the timing of cash flows, if any, in respect of matters at (d) above, pending
resolution of the proceedings.

40. COMMITMENTS
Capital Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for 31.03.2026 :
' 70,692 lakhs (31.03.2025 : ' 80,619 Lakhs).

41. TRADE RECEIVABLES (AS DISCLOSED IN NOTES 8 & 14, ARE NET OF PROVISIONS):

Trade Receivables from Swiber Offshore Constructions Pte Ltd, Singapore (SOC) and Swiber Offshore India Private Ltd.
(SOI) is ' 11,347.45 Lakhs. These outstanding are arising out of the services rendered by the Company to above Swiber
entities towards the contract awarded by ONGC to them. SOC as per the Hon'ble High Court, Singapore is under the
Judicial Management. The Company initially initiated legal recourse against SOI in Hon'ble Bombay High Court under
the terms of the Contract The matter before Singapore High Court is pending. In India the legal recourse has been
kept in abeyance as SOI has no visible Assets. ONGC, The principal Contractor had suspended the Contract of Swiber
and stepped into contractual commitment of Swiber for completion of balance work. The Company along with large
number of affected Vendors are pursuing with the ONGC for recovery of outstanding. The full provisions have already
been made in the accounts to the above receivables.

43. SEGMENT INFORMATION

For management purposes, the company is organised into business units based on its services and has two reportable
segments i.e. Domestic and Overseas.

The chief operational decision maker monitors the operating results of its Business Segments separately for the purpose
of making decisions about resource allocation and performance assessment. Segment performance is evaluated
based on profit or loss and is measured consistently with profit or loss in the financial statements. The Operating
segments have been identified based on geographical location of the vessel. The operating segments have been
disclosed based on revenues within India and outside India.

The nature of services and its disclosure of timing of satisfaction of performance obligation mentioned in Note
No. 3(n).

Contract assets in the balance sheet constitutes unbilled accounts to customers representing the company's
right to consideration for the services transferred to date. Any amount previously recognised as contract assets is
reclassified to trade receivable at the time it is invoiced to the customer.

Contract liabilities in the balance sheet constitutes advance payments and billings in excess of revenue
recognised, the company expects to recognise such revenue in the next financial year.

There were no significant change in contract assets and contract liability during the reporting period except
amount as mentioned in the table and the explanation given above.

Under the payment terms generally applicable to company's revenue generating activities, prepayments are
received only to a limited extent. Typically, payment is due upon or after completion of the services.

47. CORPORATE SOCIAL RESPONSIBILITY EXPENDITURE AS PER SECTION 135 OF THE COMPANIES ACT, 2013

The aggregate amount of expenditure incurred during the year on Corporate Social Responsibility (CSR) is ' 184
lakhs (previous year ' 178 lakhs) and is shown separately under note 37 based on Guidance Note on Accounting for
Expenditure on CSR Activities issued by the ICAI.

The amount required to be spent by the Company during the year is ' 184 lakhs (previous year ' 178 lakhs). No
amount was spent during the year towards construction/acquisition of any asset relating to CSR expenditure and there
are no outstanding amounts payables towards any other purposes.

As per Section 135 of the Companies Act, 2013, a company, meeting the applicability threshold, needs to spend at
least 2% of its average net profit for the immediately preceding three financial years on corporate social responsibility
(CSR) activities. Pursuant to said provision, the Company has constituted the CSR committee in earlier years. The funds are
utilized throughout the year on the activities which are specified in Schedule VII of the Act. The utilization is primarily made
by way of contribution to various Trusts Promoting education among children and promoting women empowerment
promoting health care and sanitation, eradicating hunger, poverty and malnutrition and promoting education
and vocational training, promotion and development of traditional arts and handicrafts, Promoting education and
vocational training and employment enhancing vocation skills, especially among children, promoting gender
equality and empowering women, Eradicating hunger, poverty and malnutrition and promoting education including
special education and employment enhancing vocation skills especially among children.

The management assessed that the fair value of trade receivables, cash and cash equivalents, other Bank Balance,
Other financial assets, Trade payables, Borrowings and other financials liabilities, approximate their carrying amounts
largely due to the short-term maturities of these instruments. For financial assets and liabilities that are measured at fair
value, the carrying amounts are equal to the fair values.

Fair Value Hierarchy

The following table provides the fair value measurement hierarchy of the company’s assets.

Quantitative disclosures fair value measurement hierarchy for assets as at March 31, 2026, March 31, 2025:

51. GRATUITY AND OTHER POST-EMPLOYMENT BENEFIT PLANS.

1. Defined Contribution Plans :

Amount of ' 448.31 Lakhs (31.03.2025 : ' 204.16 Lakhs) is recognized as an expense and included in Employee
Benefit Expense in statement of profit and Loss, which includes provident fund and super annuation fund,
Seamens provident fund, gratuity fund etc (refer note 34).

2. Defined Benefit Plans :

The Company has a defined benefit gratuity plan. Every employee (other than crew who have covered under
separate scheme) who has completed five years or more of service gets a gratuity on departure at 15 days
salary (last drawn salary) for each completed year of service. The scheme is funded with an insurance Company
in the form of a qualifying insurance policy.

As on November 21,2025, the Government of India notified four Labour Codes effective immediately replacing
the existing 29 labour laws.

The impact of implementation of the Labour Codes has resulted in an increase of ' 160.36 lakhs in the liabilities
for defined benefit obligation. The amount has been measured and recognised based on management
assessment of the impact on defined benefit obligation on such implementation and net incremental liability
has been recognised as an employee benefits expenses during the year ended March 31,2026. The Company
continues to monitor the finalisation of Central and State Rules, as well as Government clarification on other
aspects of the Labour Codes, and will recognise the consequential impact, if any, based on such developments

Seamen's gratuity fund

The companies contribution towards gratuity in respect of seamens is paid to the seafarers welfare society as per
the National maritime board agreement binding on the company.

The Obligation of the Company is limited to the amount contributed and it has no further contractual nor any
constructive obligation.

The following tables summaries the components of net benefit expense recognized in the statement of profit
and loss and other comprehensive income the funded status and amounts recognized in the balance sheet for
the respective plans.

52. FINANCIAL RISK MANAGEMENT- OBJECTIVES AND POLICIES

The Company's principal financial liabilities, comprise loans and borrowings, trade and other payables. The main
purpose of these financial liabilities is to finance the Company's operations. The Company's principal financial assets
include loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations.

The Company is exposed to market risk, credit risk and liquidity risk. The Company's senior management oversees the
management of these risks. The management assures that the Company's financial risk activities are governed by
appropriate policies and procedures and that financial risks are identified, measured and managed in accordance
with the Company's policies and risk objectives.

The Board of Directors reviews and agrees policies for managing each of these risks, which are summarized below:

a. Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of
changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price
risk, such as equity price risk and commodity risk. Financial instruments affected by market risk include loans and
borrowings.

The below assumption has been made in calculating the sensitivity analysis:

(1) The sensitivity of the relevant profit or loss item is the effect of the assumed changes in respective market
risks. This is based on the financial assets and financial liabilities held at March 31,2026 and March 31,2025.

Interest Rate Risk

Interest rate risk is the risk that the fair value or future cash flows of financial instrument will fluctuate due to change
in market interest rates. The company is not exposed to any significant interest rate risk as at the respective
reporting dates.

Foreign Currency Risk

Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
changes in foreign exchange rates. The company's exposure to the risk of changes in foreign exchange rates
relates primarily to the company's operating activities (when revenue or expense is denominated in a foreign
currency). Currency risk arises when future commercial transactions and recognized assets and liabilities are
denominated in a currency that is not the company's functional currency. The company's foreign currency
transactions are mainly in United State Dollars (USD) refer note 48 for foreign balance as on March 31, 2026.

The Company manages its foreign currency risk by natural hedging.

The following tables demonstrate the sensitivity to a reasonably possible change in USD and other exchange
rates, with all other variables held constant. The impact on the company's profit before tax is due to changes in
the fair value of monetary assets and liabilities.

b. Credit Risk

Credit risk is the risk that counterparty will not meet its obligations 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, foreign exchange transactions
and other financial instruments.

Trade Receivables:

Outstanding customer receivables are regularly monitored. An impairment analysis is performed at each reporting
date on an individual basis for major clients. In addition, a large number of minor receivables are grouped into
homogenous groups and assessed for impairment collectively. The calculation is based on exchange losses
historical data. The maximum exposure to credit risk at the reporting date is the carrying value of each class of
financial assets.

Financial Instruments and cash deposits

Credit risk from balances with banks is managed by the company's senior management. The company's
maximum exposure to credit risk for the components of the balance sheet at March 31, 2026, March 31,2025
is the carrying amounts as illustrated in respective notes.

c. Liquidity risk

Liquidity risk is the risk that an enterprise will encounter difficulty in raising funds to meet commitments associated with
financial instruments. Liquidity riskmay result from inabilityto sell a financial asset quickly at close to itsfair value. Liquidity
risk is managed by monitoring on a regular basis that sufficient funds are available to meet any future commitments.
The Company has sufficient unutilised credit facilities (fund and non fund based) amounting to ' 89.5 lakhs as at
March 31, 2026 from its bank.

The table below summarizes the maturity profile of the company's financial liabilities based on contractual
undiscounted payments as on 31 March 2026.

53. CAPITAL MANAGEMENT

For the purpose of the Company's capital management, capital includes issued equity capital, share premium and
all other equity reserves attributable to the equity holders of the company. The primary objective of the company's
capital management is to maximize the shareholder value.

The company manages its capital structure and makes adjustments to it, in light of changes in economic conditions.
To maintain or adjust the capital structure, the company may adjust the dividend payment to shareholders, return
capital to shareholders or issue new shares. The company monitors capital using debt equity ratio, The debt equity
ratio as on March 31, 2026 is 22% (March 31, 2025: 18%). In the opinion of the board, the current assets, loan and
advances are approximately of the value stated, if realized in the ordinary course of the business.

The Company has not advanced or loaned or invested funds to any other person(s) or entity(ies), including foreign
entities (Intermediaries) with the understanding that the Intermediary shall,

1. (a) 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 (b) provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries except Company has given loan/made investment of INR 3.33 Crores during FY 25-26 comprising
of equity investment of INR 1.71 Crores on 01/04/2025 and Preference shares of INR 25.09 Crores on 30/09/2025,
and converted Loan of INR 161.83 Crores in to preference shares on 31/5/2025 to Seamec International UK
Limited (Seamec UK) (wholly owned subsidiary of the company situated at 60 Cox lane, Unit 1 Chessington
Trade park, Chessington England, KT9 1TW) with the understanding that the Seamec UK will provide these funds
for purchase of property for Global Office cum Guest House in the name of Fountain House Combined Limited
(FCL), wholly owned stepdown subsidiary of Seamec UK (held through Fountain House 74 Limited and Fountain
House 84 Limited, wholly owned subsidiaries of Seamac UK). Seamec UK has used total amount of GBP 21.45
million (equivalent to INR 223.25 Crores) for purchase of above-mentioned property during FY 23-24 and also
incurred expenses amounting to GBP 0.7 million in FY 2025-2026 equivalent to INR 8.64 Crores (G.B.P 0.5 million in
FY 2024-25 equivalent to INR 5.17 Crores of which INR 3 Crores related to FY 24-25 and INR 2.17 Crores related to
FY 23-24) relating to said property and operation.

The company has complied the relevant provisions of the Foreign Exchange Management Act, 1999 (42 of
1999) and Companies Act for above transactions and the transactions are not violative of the Prevention of
Money-Laundering Act, 2002.

2. The Company has not received any fund from any person(s) or entity(ies), including foreign entities (Funding Party) with

the understanding (whether recorded in writing or otherwise) that the Group shall:

(a) 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

(b) provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

55. OTHER STATUTORY INFORMATION

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

(ii) The Company does not have any transactions with companies struck off.

(iii) Quarterly returns of statement of current asset filed by the company with banks are in agreement with the books
of account as on the date of submission of said return or statement.

(iv) The Company has not traded or invested in Crypto currency or Virtual currency during the financial year.

(v) The Company does not have any such transaction which 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)

(vi) The Company has not been declared as Wilful defaulter by any Banks, Financial institution or Other lenders.

(vii) The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the
Companies Act, 2013 read with the Companies (Restriction on number of Layers) Rules, 2017.

(viii) The Company has used the borrowings from banks and financial institutions for the specific purpose for which
they were obtained.

(ix) The Company does not have any charge or satisfaction which is yet to be registered with ROC beyond the
statutory period except loan taken from HDFC bank for Seamec Agastya.

57. DIVIDEND ON EQUITY SHARES

The Board of Directors have recommended dividend of ' 2 per fully paid up equity share of ' 10/- each for the
financial year 2025-26 is subject to the approval of the share holder in the ensuing Annual General Meeting.

58. PREVIOUS YEAR FIGURES

Previous year figures have regrouped / reclassified, where necessary, to conform to this year's classification.