2.16 Provisions:

Provisions are recognised 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. Provisions are reviewed at each balance sheet date and
are adjusted to reflect the current best estimate.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation
at the end of the reporting period, taking into account the risks and uncertainties surrounding the obligation. When a
provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present
value of those cash flows (when the effect of the time value of money is material). When discounting is used, the increase
in the provision due to the passage of time is recognized as a finance cost.

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third
party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount
of the receivable can be measured reliably.

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 arising 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 Financial Statements.

Contingent assets are not recognized but disclosed when the inflow of economic benefits is probable. However, when
the realization of income is virtually certain, then the related asset is no longer a contingent asset, but it is recognized as
an asset.

2.17 Revenue recognition:

The Company earns revenues from contracts with customers from Charter Hire Earnings, demurrage and freight earnings.

2.17.1 Determining the timing of satisfaction of performance obligations:

The Company recognises revenue when the entity satisfies the performance obligation by transferring promised goods
or services to a customer. An asset is transferred when the customer obtains control of that asset The typical timing of
payment coincides with the issue of invoice for satisfaction of performance obligations or are within the normal credit
period extended by the Company. The contract assets as at the year end pertain to the balance receivables in case of
revenues of the Company

Revenue is net of trade discounts and exclude Goods and Service Taxes (GST) or duties collected on behalf of the
government.

Determining the transaction price and the amounts allocated to performance obligations.

The transaction price is normally fixed as per the terms of contract and there are no significant judgements involved in
allocating the same to the performance obligations as the prices are standalone for separate performance obligations.

As a practical expedient, the Company has not disclosed the information for a transaction price allocated to performance
obligation which are unsatisfied as of the end of the reporting period for performance obligation which is part of a
contract that has an original expected duration of one year or less.

Trade receivables and contract balances:

The Company classifies the right to consideration in exchange for deliverables as either a receivable or as Customer
advances.

2.17.2 Dividend and interest income

Dividend income from investments is recognised when the shareholder's right to receive payment has been established
(provided that it is probable that the economic benefits will flow to the Company and the amount of income can be
measured reliably)

Interest income from a financial asset is recognised when it is probable that the economic benefits will flow to the
Company and the amount of income can be measured reliably. Interest income is accrued on a time basis, by reference
to the principal outstanding and at the effective interest rate applicable, which is the rate that exactly discounts estimated
future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

2.17.3 Rental income

The Company's policy for recognition of revenue from operating leases is described in note 2.8 above

2.17.4 Insurance Claims

Insurance claims are accounted for on the basis of claims admitted / expected to be admitted and to the extent that the
amount recoverable can be measured reliably and it is reasonable to expect ultimate collection.

2.17.5 Other Income

Other income is accounted for on accrual basis except where the receipt of income is uncertain in which case it is
accounted for on receipt basis.

2.18 Operating Expenses

All expenses relating to the operation of the vessel including crewing, insurance, stores, bunkers, charter hire and special
survey costs are expensed under operating expenses on accrual basis. Dry-docking expenses are amortised over 30
months.

2.19 Financial instruments:

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

Financial assets and liabilities are initially measured at fair value. Transaction costs that are directly attributable to the
acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair
value through profit or loss) are added to or deducted from the fair value of the financial asset or financial liability, as
appropriate, on initial recognition. The transaction costs directly attributable to the acquisition of financial assets or
financial liabilities at fair value through profit or loss are recognised immediately in the statement of profit and loss.

Effective interest method

The effective interest method is a method of calculating the amortised cost of a financial instrument and of allocating
interest income or expense over the relevant period. The effective interest rate is the rate that exactly discounts future
cash receipts or payments through the expected life of the financial instrument, or where appropriate, a shorter period,
to the net carrying amount on initial recognition.

2.20 Offsetting of financial instruments

Financial assets and financial liabilities are offset, and the net amount is reported in the consolidated 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. The legally enforceable right must not be contingent on future
events and must be enforceable in the normal course of business and in the event of default, insolvency or bankruptcy
of the company, or the counterparty.

2.21 Financial assets:

Purchases or sales of financial assets which require delivery of assets within a time frame established by regulation or
convention in the marketplace (regular way trades) are recognised on the trade date, i.e., the date that the Company
commits to purchase or sell the asset.

All recognised financial assets are subsequently measured in their entirety at their amortised cost or fair value, depending
on the classification of the financial assets.

2.21.1 Financial assets at amortised cost

Financial assets are subsequently measured at amortised cost if these financial assets are held within a business model
whose objective is to hold these assets in order to collect contractual cash flows and the contractual terms of the
financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal
amount outstanding.

2.21.2 Financial assets at fair value through other comprehensive income

Financial assets are subsequently measured at fair value through other comprehensive income if these financial assets are
held within a business model whose objective is to hold these assets in order to collect contractual cash flows or to sell
these financial assets and the contractual terms of the financial asset give rise on specified dates to cash flows that are
solely payments of principal and interest on the principal amount outstanding.

2.21.3 Financial assets at fair value through profit or loss

Financial asset which is not classified in any of the above categories are subsequently fair valued through profit or loss.

2.21.4 Impairment of financial assets

Loss allowance for expected credit losses is recognised for financial assets measured at amortised cost and fair value
through other comprehensive income.

Loss allowance equal to the lifetime expected credit losses is recognised if the credit risk on the financial instruments has
significantly increased since initial recognition. For financial instruments whose credit risk has not significantly increased
since initial recognition, loss allowance equal to twelve months expected credit losses is recognised.

2.21.5 Derecognition of financial assets

The Company derecognises a financial asset only when the contractual rights to the cash flows from the asset expire,
or it transfers the financial asset and substantially all risks and rewards of ownership of the asset to another entity. If the
Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the
transferred asset, the Company recognises its retained interest in the assets and an associated liability for amounts it may
have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset,
the Company continues to recognise the financial asset and also recognises a collateralised borrowing of the proceeds
received.

2.22 Financial liabilities and equity instruments:

Classification as debt or equity

Financial liabilities and equity instruments issued by the Company are classified according to the substance of the
contractual arrangements entered into and the definitions of a financial liability and an equity instrument.

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 are recorded at the proceeds received, net of direct issue costs.

Financial Liabilities

Trade and other payables are initially measured at fair value, net of transaction costs, and are subsequently measured at
amortised cost, using the effective interest rate method.

Interest-bearing bank loans ,issued debts are initially measured at fair value and are subsequently measured at amortised
cost using the effective interest rate method. Any difference between the proceeds (net of transaction costs) and
the settlement or redemption of borrowings is recognised over the term of the borrowings in accordance with the
Company's accounting policy for borrowing costs.

Derecognition of financial liabilities

The Company derecognises financial liabilities when, and only when, the Company's obligations are discharged,
cancelled or they expired.

2.23 Earnings per equity share:

Basic earnings per equity share is computed by dividing the profit/(loss) after tax (including the post-tax effect of
extraordinary items, if any) attributable to the equity holders of the company by the weighted average number of
equity shares outstanding during the period. Diluted earnings per equity share is computed by dividing the profit 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 dilutive potential equity shares attributable to the equity
holders of the company by the weighted average number of equity shares considered for deriving basic earnings per
equity share and also the weighted average number of equity shares that could have been issued upon 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. The dilutive potential equity shares are adjusted for the proceeds
receivable had the equity shares been actually issued at fair value (i.e. the average market value of the outstanding equity
shares). Dilutive potential equity shares are deemed converted as of the beginning of the period, unless issued at a later
date. Dilutive potential equity shares are determined independently for each period presented.

2.24 Segment Reporting

Operating segments are defined as components of an enterprise for which available discrete financial information is
evaluated based on the single operating segment 'Shipping', regularly by the chief operating decision maker, in deciding
how to allocate resources and assessing performance.

Segment revenue, segment expenses, segment assets and segment liabilities have been identified to segments on the
basis of their relationship to the operating activities of the segment. Inter segment revenue is accounted on the basis of
transactions which are primarily determined based on market / fair value factors.

2.25 Exceptional items:

Exceptional items are those items that management considers, by virtue of their size or incidence (including but not limited
to impairment charges), should be disclosed separately to ensure that the financial information allows an understanding
of the underlying performance of the business in the year, so as to facilitate comparison with prior periods. Such items
are material by nature or amount to the year's result and require separate disclosure in accordance with Ind AS.

r in lakhs

33 EMPLOYEE BENEFIT PLANS

a) Defined Contribution plans
Prov'dent Fund :

The Company makes contributions to Provident Fund which is defined contribution plan for qualifying employees. Under the
Scheme, the Company is required to contribute a specified percentage of the payroll costs to fund the benefits. The fund is
administered by the Trustees. The contributions payable by the Company are at rates specified in the rules of the schemes.
The Company has recognised amount in the statement of profit and loss under the head “Employee Benefit Expenses” as
mentioned in the following table.

Superannuation Fund :

All eligible employees are entitled to benefits under superannuation, a defined contribution plan. The company makes yearly
contribution until retirement or resignation of the employee. The company recognises such contributions an expense. The
Company has no further obligation beyond yearly contribution.

b) Defined benefit plan

The Company makes annual contributions to the Chowgule Steamships Limited Shore Employees Gratuity Fund (Income tax
approved irrevocable trust), which in-turn, has taken group gratuity cum Life assurance scheme of the Life Insurance Corporation
of India, which is a funded defined benefit plan for qualifying employees. This scheme provides for lump sum payment to
vested employees at retirement, death while in employment or on termination of employment as per the Company's gratuity
scheme. Vesting occurs upon completion of five years of service.

The Company offers its employees defined benefit plan in the form of a gratuity scheme (a lump sum amount). For gratuity
scheme the Company contributes funds to Gratuity Trust, which is irrevocable. Commitments are actuarially determined at
year-end. The actuarial valuation is done based on “Projected Unit Credit” method. These plans typically expose the Company
to actuarial risk such as: investment risk, interest rate risk, longevity risk and salary risk

Investment risk:

The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to
market yields at the end of the reporting period on government bonds. If the return on plan asset is below this rate, it will
create plan deficit.

Interest risk:

A decrease in the bond interest rate will increase the plan liability; however, this will be partially off set by an increase in the
plan assets.

Longevity risk:

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan
participants. An increase in the life expectancy of the plan participants will increase the plan's liability.

Salary risk:

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As
such, an increase in the salary of the plan participants will increase the plan's liability.

Foot notes:

a) The discount rate is based on the prevailing market yields of Government of India securities as at the Balance Sheet date
for the estimated term of the obligations.

b) The estimate of future salary increase considered, takes into account the inflation, seniority, promotion, increments and
other relevant factors, such as supply and demand in the employment market.

c) The fair value of the plan assets are based on the LIC Fund balance position as at the Balance Sheet date. The composition
and the categories of plan assets are unavailable with the Company.

d) The expected rate of return on plan assets is based on the average long-term rate of return expected on investment of
funds during the estimated term of obligation.

37 FINANCIAL INSTRUMENTS
37.1 Capital Management

The company manages its capital to ensure that the company will be able to continue as a going concern while
maximising the return to stakeholder through the optimisation of the debt and equity balance.

The capital structure of the company consists of net debt (borrowings and off set by cash and bank balance) and total
equity of the company.

The Company's Board of directors review the capital structure of the company on an annual basis. As part of the review,
the audit committee considers the cost of capital and the risks associated with each class of capital. The gearing ratio at
March 31, 2025 is 0 (2024: 0) (see below).

37.3 Financial Risk Management Objectives

The Company's principal financial liabilities, other than derivatives, comprise loans and borrowings, trade and other
payables. The main purpose of these financial liabilities is to finance the operations. The Company's principal financial
assets include loans, trade and other receivables, and cash and cash equivalents that generates 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. It is the Company's policy that no trading in derivatives for speculative purposes is
undertaken.

37.4 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: foreign currency risk, interest rate risk and other price risk. The
objective of market risk management is to manage and control market risk exposures within acceptable parameters, while
optimising the return. Financial instruments affected by market risk include loans and borrowings, deposits, trade and
other receivables and investments.

37.5 Foreign currency Risk

The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate
fluctuations arise. The Company's exposure to currency risk relates primarily to the Company's operating activities and
lendings when transactions are denominated in a different currency from the Company's functional currency.

The Company evaluates exchange rate exposure arising from foreign currency transactions and follows established risk
management policies. The Company's policy is not to hedge transactions and to buy and sell currency at spot rate where
applicable.

Sensitiv'ty analysis

The Group has not disclosed foreign currency sensitivity analysis. Since the exposure is not significant.

37.6 Interest risk

Interest risk is the risk that the fair value or future cash flows of the financial instruments will fluctuate because of the
changes in the market rate risk, the Company performs a comprehensive corporate interest rate risk management. The
Company is not exposed to significant interest rate risk as at the respective reporting dates.

The Company's exposure to interest rates on financial assets and financial liabilities are detailed in the liquidity risk
management section.

37.7 Price risk

The Company is affected by the price volatility. The Company's operating activities comprise of employment of ships
on time charter contracts. Due to the cyclical nature of shipping industry, the revenue from shipping operations are
subjected to price risk. To mitigate the impact of price risk the Company adopts mixture of short, medium and long term
employment contract for its fleet.

37.8 Credit risk management

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage
this, the Company periodically assesses the financial reliability of customers taking into account the financial conditions,
current economic trends and analysis of historical bad debts and ageing of accounts receivable.

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 on-going basis throughout each reporting period. To assess whether there is 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 on initial recognition. Financial assets are written off when there is no reasonable expectation
of recovery. When loans or receivables have been written off, the company continues to engage in enforcement activity
to attempt to recover the receivable due. Where recoveries are made, these are recognized in statement of profit and
loss. The Companies operations involves employment of the vessels on time charter contracts where receivables are
collected periodically in advance and therefore credit risk is minimal.

37.9 Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate
liquidity risk management framework for the management of the company's short-term, medium - term and long-term
funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate banking
facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial
assets and liabilities.

41 PRESENT STATUS ON LIQUIDATION OF CHOWGULE STEAMSHIPS OVERSEAS LIMITED (CSOL)

The Joint Liquidators of CSOL (In voluntary winding up) have concluded their administration of its liquidation.

In accordance with section 400 of the Companies(Guernsey) Law, 2008(as amended), on 13th March 2025, a final meeting of
CSOL members was held for the purpose of approving the companies final accounts and passed resolution accordingly.

Notice of the completion of the liquidation was filed at the Guernsey Registry on the same day & CSOL's status was changed to “
Voluntary winding up-Part2”.

Provided no objections are received , CSOL shall be automatically dissolved from the register upon the passing of 3 months of this
date, being 13th June, 2025.

42 The Previous year's figures have been re-classified, re-grouped and re-arranged wherever necessary

43 The Previous year's figures have been rounded off to the nearest Lakhs.

44 The preparation of financial statements is in conformity with IndAS and requires that the management of the company makes
estimates and assumptions that affect the reported balances of assets and liabilities and the disclosures relating to contingent
liabilities as at the date of financial statements.

45 CONFIRMATION OF CURRENT LIABILITIES AND CURRENT ASSETS

i) The Balances pertaining to the Current Liabilities and Current Assets are subject to confirmation. No independent confirmation
of balances of the items under the Current Liabilities and Current Assets have been obtained and consequential impact on the
Balance Sheet and Profit and Loss Statement / Account, if any, could not be ascertained.

ii) In the opinion of the Management / Board of Directors, the Current Assets, Loans and Advances are approximately of the value
stated if realized in the ordinary course of the business. Hence, no further adjustments are required to be made.

iii) However, if on later confirmation and reconciliation, any major differences are located , the consequential impact , if any , on
the Balance Sheet and Profit and Loss Statement / Account, if any, could not be ascertained.

46 TRADE PAYABLES

i) The Company has taken steps to identify suppliers who qualify under the definition of Micro and Small enterprises as defined
under the Micro, Small and Medium Enterprises Development Act, 2006 .

ii) The Company has taken note of the intimation received from certain suppliers regarding their status under the Micro, Small
and Medium Enterprises Development Act, 2006 and where the intimation is not received , the suppliers are considered to
be suppliers other than the Micro and Small enterprises

iii) Accordingly , where no intimation has been received from the suppliers regarding their status under the Micro , Small and
Medium Enterprises Development Act , 2006 , disclosures relating to amounts unpaid as at the year end , if any , have not
been furnished.

iv) In the opinion of the management, the impact of the interest, if any , that may be payable in accordance with the provisions
of the Micro , Small and Medium Enterprises Development Act , 2006 , is not expected to be material .

47 BENAMI PROPERTY

There are no proceedings initiated or pending against the company for holding any benamy property under the Benami Transactions
Prohibition Act, 1988 and the rules made thereunder.

48 WILFUL DEFAULTER

The Company has not been declared a wilful defaulter by any bank or financials institution or other lender

49 STRUCK OFF COMPANIES

The company has no transactions with companies struck off under section 248 of the Companies Act, 2013 or section 560 of the
Companies Act, 1956.

50 REGISTRATION OF CHARGES

The Company has certain open charges against the loans which have been repaid in the previous years. The necessary compliances
with respect to release of charge from bankers and corresponding updation with ROC is in process.

51 LAYERS

The Company has complied with the number of the layers prescribed under clause 87 of the section 2 of the Companies Act,
2013 read with Companies (restrictionon number of layers) rules, 2017.

52 SCHEME OF ARRANGEMENTS

There is no scheme of Arrangements approved for the company in terms of section 230 to 237 of the Companies Act, 2013.

53 INTERMEDIARY

i) The Company has not advanced or loaned or invested any funds through the intermediary for the ultimate beneficiary.

ii) The Company has not received any fund to be advanced or loaned or invested for advancing or lending or investing as an
intermediary for the ultimate beneficiary.

54 UNDISCLOSED INCOME

The Company does not have any transaction not recorded in the books of accounts that has been surrendered or disclosed as
income during the year.

55 CRYPTO CURRENCY

The Company has neither traded not invested in crypto currency or virtual currency during the financial year.

In terms of our report attached For and on behalf of the Board of Directors

For M N CHOKSI AND CO LLP RINKY GUPTA (Membership No. A61742) VIJAY CHOWGULE (DIN:00018903)

Chartered Accountants Company Secretary Chairman

FRN 101899W\W100812 Place: Mumbai Place: Mumbai

Date: 22^nd May, 2025 Date: 22^nd May, 2025

CA M N CHOKSI

_Partner VIKRAM DESHPANDE (PAN:AAQPD3025L) MANGESH SAWANT (DIN:00007197)

Membership No. 041224 Chief Financial Officer ^Director

UDIN: 25041224BMMBPT5365

Place: Mumbai Place: Mumbai Place: Mumbai

Date: 22^nd May, 2025 Date: 22^nd May, 2025 Date: 22^nd May, 2025