SIGNIFICANT ACCOUNTING POLICIES

1.1. Basis of Preparation of Financials Statement:

The Financial Statements are prepared in accordance with Indian Accounting Standards (hereinafter referred to as the
"Ind AS”) as notified under Section 133 of the Companies Act, 2013 ("Act”) read with Companies (Indian Accounting
Standards) Rules, 2015 ("Rules”), each as amended, and the other relevant provisions of the Act and Rules thereunder.

These Ind AS financial statements for the year ended March 31,2025 are the first financials with comparatives prepared
under Ind AS. For all previous periods including the year ended March 31,2024 the Company had prepared its financial
statements in accordance with the accounting standards notified under Companies (Accounting Standard) Rule, 2006,
as amended and other relevant provisions of the Act (hereinafter referred to as the 'Previous GAAP') used for its statutory
reporting requirement in India

The Ind AS financial statements have been prepared on accrual and going concern basis. The accounting policies are
applied consistently to all the periods and presented in the Ind AS financial statements, including the preparation of the
opening Ind AS Balance Sheet as at April 01,2023 being the 'date of transition to Ind AS'.

The Company's presentation and functional currency is in the Indian Rupees (Rs.). All figures appearing the financial
statements are rounded off to the Rupee, except where otherwise indicated

Authorisation of Ind AS financial statements: The conversion of the financial statements and relevant Books of
Accounts of the Company from Previous GAAP to Ind AS for the year ended March 31,2025, were approved by the Board
of Directors and were authorized for issue in accordance with a resolution of the Board of Directors in its meeting held
on October 21,2024.

Items included in the Ind AS financial statements of the Company are measured using the currency of the primary
economic environment in which the entity operates ('the functional currency'). The company's Ind AS financial
statements are presented in Indian Rupee (Rs.), which is also the Company's functional and presentation currency. All
amounts in these Ind AS financial statements, except Earnings per share amounts and unless as stated otherwise, have
been rounded off to two decimal places and have been presented and rounded off in in lakhs.

1.2. Historical cost Convention

The Ind AS financial statements have been prepared on a historical cost basis, except for the following:

1. Certain financial assets and liabilities including derivative instruments are measured at fair value.

2. Assets held for sale-measured at fair value less costs to sell

3. Defined benefit plans- plan assets measured at Fair value.

1.3. Uses of Estimates

The preparation of the Ind AS Financial Statements in conformity with the recognition and measurement principles of
Ind-AS Rules which requires the Management to make estimates and assumptions considered in the reported amounts
of assets and liabilities (including contingent liabilities) and the reported income and expenses during the year. The
Management believes that the estimates used in preparation of the Ind AS Financial Statements are prudent and
reasonable. Future results could differ due to these estimates and the differences between the actual results and the
estimates are recognised in the periods in which the results are known / materialised.

Revisions to accounting estimates are recognized prospectively in the Statement of Profit and Loss in the period in
which the estimates are revised and in any future periods affected.

Critical estimates and judgements

This note provides an overview of the areas that involved a higher degree ofjudgement or complexity, and items which
are more likely to be materially adjusted due to estimates and assumptions turning out to be different than those
originally assessed. Detailed information about each of these estimates and judgements is included in relevant notes
together with information about the basis of calculation for each affected line item in the Ind AS financial statements

The areas involving critical estimates or judgement are:

Estimation of Defined benefit obligation - refer note 3 to the additional notes to financial statement
Useful lives of property, plant and equipment- refer note 1.6

1.4. Current versus non-current classification

The Company presents assets and liabilities in the balance sheet based on current/ non-current classification.

All the assets and liabilities have been classified as current/non-current as per the Company's normal operating cycle
and other criteria set out in Division II to Schedule III of the Companies Act, 2013.

The operating cycle is the time between the acquisition of assets for processing and their realisation in cash or cash
equivalents. Based on the nature of activities of the Company and the normal time between acquisition of assets and
their realisation in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the
purpose of classification of its assets and liabilities as current and non-current.

1.5. Foreign Currencies

(i) Functional and presentation currency

The Company's Ind AS financial statements are presented in Indian Rupee (Rs.), which is also the Company's
functional and presentation currency.

(ii) Transactions and Balances

Transactions in foreign currencies are translated into functional currency using the exchange rate at the dates of
the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from
the translation of monetary assets and liabilities denominated in foreign currencies at the yearend exchange rates
are generally recognised in Profit or loss. They are deferred in Equity, if they relate to qualifying cash flow hedges.
A monetary item for which settlement is neither planned nor likely to occur in the foreseeable future is considered
as a part of the Entity's Net Investment in those foreign operations.

Foreign exchanges differences regarded as an adjustment to borrowing costs are presented in the statement of
Profit and loss, within finance cost. All other foreign exchange gains and losses are presented in the Statement of
Profit and loss on a net basis within other gains/ (losses).

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the
exchange rates at the dates of the initial transactions. Non-monetary items measured at fair value in a foreign
currency are translated using the exchange rates at the date when the fair value is determined. The gain or loss
arising on translation of non-monetary items measured at fair value is treated in line with the recognition of the

gain or loss on the change in fair value of the item (i.e., translation differences on items whose fair value gain or
loss is recognised in Other Comprehensive Income or profit or loss are also recognised in Other Comprehensive
Income or profit or loss, respectively).

Exchange differences relating to long term foreign currency monetary items incurred prior to April 1, 2023 are
accounted in terms of para D13AA of Ind AS 101 as under:

(i) In so far as they relate to the acquisition of a depreciable capital asset, such differences are added to/deducted
from the cost of such capital asset and depreciated over the balance useful life of the asset.

(ii) In other cases, such differences are accumulated in Foreign Currency Monetary Items” translation differences
account and amortised in the Statement of Profit and Loss over the balance useful life of the long-term foreign
currency monetary item.

1.6. Property, Plant and Equipment

Free hold land is carried at historical cost. All other items of Property, Plant and Equipment are stated at cost less
accumulated depreciation and impairment losses, if any. Historical cost includes expenditure that is directly attributable
to the acquisition of the item.

The cost of Property, Plant and equipment comprises its purchase price net of any trade discounts and rebates, any import
duties and other taxes (other than those subsequently recoverable from the tax authorities), any directly attributable
expenditure including brokerage and start-up costs on making the asset ready for its intended use, other incidental
expenses and interest on borrowings attributable to acquisition of qualifying assets up to the date the asset is ready for
its intended use.

Such cost includes the cost of replacing part of the plant and equipment and borrowing costs for long-term construction
projects if the recognition criteria are met.

When significant parts of plant and equipment are required to be replaced at intervals, Company depreciates them
separately based on their specific useful lives.

When major repairs are conducted, its cost is recognized in the carrying amount of the Plant and Equipment as a
replacement, if the recognition criteria are satisfied. All other repairs and maintenance costs are recognized in profit or
loss as incurred.

Capital work in progress, Plant and Equipment is stated at cost, net of accumulated depreciation and accumulated
impairment losses, if any.

Drydocks are considered as component of fleet with estimated useful lives different than the main component of fleet.
Cost relating to drydock which is mandatorily required to be carried out as per the Classification Rules and Regulations
is recognized in the carrying amount of ship and is amortised over 2.5 years.

On transition to Ind AS, the Company has elected to continue with the carrying value of all of its property, plant and
equipment recognized as at April 1,2023 measured as per the previous GAAP and use that carrying value as the deemed
cost of the Property, Plant and equipment.

Depreciation on Property, Plant and equipment is provided to the extent of depreciable amount on the Straight Lime
Method (SLM). Depreciation is provided based on useful life of the assets as prescribed in Schedule II of the Companies
Act, 2013, except in respect of Vessels, where useful life is considered as under based on technical evaluation:

An item of Property, Plant and Equipment and any significant part initially recognised is derecognised upon disposal or
when no future economic benefits are expected from its use or disposal. Any gain or loss arising on de-recognition of the
Asset (calculated as the difference between the net disposal proceeds and the carrying amount of the Asset) is included
in the income statement when the asset is derecognised.

The residual values, useful lives and methods of depreciation of Property, Plant and Equipment are reviewed at each
financial year end and adjusted prospectively, if appropriate.

Assets costing less than ' 25,000/- are fully depreciated in the year of capitalization.

1.7. Impairment of non-financials assets

Non-financial assets other than inventories and non-current assets held for sale are reviewed at each Balance Sheet date
to determine whether there is any indication of impairment. If any such indication exists, or when annual impairment
testing for an asset is required, the Company estimates the asset's recoverable amount. The recoverable amount is
higher of Asset's or Cash Generating Units (CGU) fair value less costs of disposal and its value in use. Recoverable amount
is determined for an individual asset, unless the asset does not generate cash flows that are largely independent of those
from other assets or group of assets.

When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is
written down to its recoverable amount.

1.8. Investment Property

Since there is no change in the functional currency, the company has elected to continue with the carrying value for all
of its investment property as recognised in its Indian GAAP. Ind AS Financial Statements as deemed cost at the transition
date, viz., 1 April 2023.

Investment Property is property (land or a building- or a part of a building) held either to earn rental income or for capital
appreciation or for both, but not for sale in the ordinary course of business, use in production or supply of goods or
services or for administrative purposes.

Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition,
investment properties are stated at cost less accumulated depreciation and accumulated impairment loss, if any.

The Company Office Building is under WIP and during the current year the office was not ready to use, therefore,
depreciation has not been considered till the year end. The building/office would be used for self-occupation and not
for investment purpose.

Investment properties are derecognised either when they have been disposed of or when they are permanently
withdrawn from use and no future economic benefit is expected from their disposal.

The difference between the net disposal proceeds and the carrying amount of the asset is recognised in profit or loss in
the period of derecognition.

1.9. Investment in Subsidiaries

Investment in equity shares of subsidiaries are recorded at cost and reviewed for impairment at each reporting date.

1.10. Inventories

Bunker and Lubes on vessels are valued at lower of cost and Net Realisable Value ascertained on First in First out basis.

1.11. Cash and Cash Equivalents

For the purpose of presentation in statement of cash flows, cash and cash equivalents includes cash in hand and at bank
in current and foreign currency accounts, deposit held at call with financial institution, other short term, highly liquid
investments with original maturities of within twelve months or less that are readily convertible to known amounts of
cash and which are subject to an insignificant risk of changes in value, and bank overdrafts having debit balances. Bank
Overdrafts with debit balance as closing figure are shown cash and cash equivalent in current assets in Balance sheet.

1.12. Cash Flow Statement

Cash flows are reported using the indirect method, whereby profit/(loss) before extraordinary items and tax is adjusted
for the effects of transactions of non-cash nature and any deferrals or accruals of past or future cash receipts or payments.
The cash flows from operating, investing and financing activities of the Company are segregated based on the available
information.

1.13. Taxes on Income

Tax expenses comprise both current and deferred tax

(a) Current Tax

Income-tax Assets and liabilities are measured at the amount expected to be recovered from or paid to the taxation
authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively
enacted, by the end of reporting period.

Current Tax items are recognised in co-relation to the underlying transaction either in the Statement of Profit and
Loss, other comprehensive income or directly in equity.

(b) Deferred Tax

Deferred tax is provided using the Balance Sheet method on temporary differences between the tax bases of
assets and liabilities and their carrying amounts for financial reporting purposes at the reporting date.

Deferred tax liabilities are recognised for all taxable temporary differences.

Deferred tax assets are recognised for all deductible temporary differences, the carry forward of unused tax credits
and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that taxable profit
will be available against which the deductible temporary differences, and the carry forward of unused tax credits
and unused tax losses can be utilised.

The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is
no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be
utilised. Unrecognised deferred tax assets are re-assessed at each reporting date and are recognised to the extent
that it has become probable that future taxable profits will allow the deferred tax asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the
asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively
enacted at the reporting date.

Deferred Tax items are recognised in co-relation to the underlying transaction either in the Statement of Profit and
Loss, other comprehensive income or directly in equity.

Deferred tax assets and deferred tax liabilities are offset if a legally enforceable right exists to set off current tax
assets against current tax liabilities and the deferred taxes relate to the same taxable entity and the same taxation
authority.

(c) Minimum Alternate Tax (MAT)

Minimum Alternate Tax (MAT) is not applicable to the Company as the Company pays tax as per section 115 BAA
of income tax where MAT is not applicable to the company opting to pay the tax under section 115BAA of the
Income Tax Act 1961.