(p) Provisions

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.

(q) 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."

(r) 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.

(s) Contingent liabilities

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.

(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

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.

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

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

(i) Debt instruments at amortised cost

(ii) Debt instruments at fair value through other
comprehensive income (FVTOCI).

(iii) Debt instruments at fair value through profit
or loss (FVTPL).

(iv) Equity instruments measured at fair value
through other comprehensive income
(FVTOCI)."

Debt instruments at amortised cost

A 'debt instrument' is measured at the amortised
cost if both the following conditions are met:

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

and

b) 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
other income in the statement of profit and
loss. The losses arising from impairment are
recognised in the profit or loss. This category
generally applies to trade and other
receivables.

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.

In addition, the company may elect to
designate a debt instrument, which otherwise
meets amortized cost or FVTOCI criteria, as
at FVTPL. However, such election is allowed
only if doing so reduces or eliminates a
measurement or recognition inconsistency
(referred to as 'Accounting mismatch'). The
company has not designated any debt
instrument as at FVTPL.

Debt instruments included within the FVTPL
category are measured at fair value with all
changes recognized in the profit and loss.

Derecognition

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.

When the company has transferred
its rights to receive cash flows from

an asset or has entered into a pass¬
through arrangement, it evaluates if
and to what extent it has retained the
risks and rewards of ownership. When
it has neither transferred nor retained
substantially all of the risks and rewards
of the asset, nor transferred control of
the asset, the company continues to
recognise the transferred asset to the
extent of the company's continuing
involvement. In that case, the company
also recognises an associated liability.
The transferred asset and the associated
liability are measured on a basis that
reflects the rights and obligations that
the company has retained.

Continuing involvement that takes
the form of a guarantee over the
transferred asset is measured at the
lower of the original carrying amount of
the asset and the maximum amount of
consideration that the company could
be required to repay.

impairment of financial assets.

In accordance with Ind AS 109, 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.

The company follows 'simplified
approach' for recognition of
impairment loss allowance on trade
receivables.

The application of simplified approach
does not require the company to
track changes in credit risk. Rather, it
recognises impairment loss allowance
based on lifetime ECLs at each
reporting date, right from its initial
recognition.

For recognition of impairment loss on
other financial assets and risk exposure,
the company determines that whether
there has been a significant increase in
the credit risk since initial recognition.
If credit risk has not increased
significantly, 12-month ECL is used to
provide for impairment loss. However,
if credit risk has increased significantly,
lifetime ECL is used. If, in a subsequent
year, credit quality of the instrument
improves such that there is no longer
a significant increase in credit risk since
initial recognition, then the company
reverts to recognising impairment loss
allowance based on 12-month ECL.
Lifetime ECL are the expected credit
losses resulting from all possible default
events over the expected life of a
financial instrument. The 12-month ECL
is a portion of the lifetime ECL which
results from default events that are
possible within 1 2 months after the
reporting date. ECL is the difference
between all contractual cash flows
that are due to the company in
accordance with the contract and all
the cash flows that the entity expects
to receive (i.e., all cash shortfalls),
discounted at the original EIR. When
estimating the cash flows, an company
is required to consider:

All contractual terms of the financial
instrument (including prepayment,
extension, call and similar options)
over the expected life of the financial
instrument. However, in rare cases
when the expected life of the financial
instrument cannot be estimated
reliably, then the entity is required to use
the remaining contractual term of the
financial instrument

Cash flows from the sale of collateral
held or other credit enhancements that
are integral to the contractual terms.

As a practical expedient, the company
uses a provision matrix to determine
impairment loss allowance on portfolio
of its trade receivables. The provision

matrix is based on its historically
observed default rates over the
expected life of the trade receivables
and is adjusted for forward-looking
estimates. At every reporting date,
these historical observed default
rates are updated and changes in
the forward-looking estimates are
analysed.

ECL impairment loss allowance (or
reversal) recognized during the year
is recognized as income/ expense in
the statement of profit and loss. This
amount is reflected under the head
'other expenses' in the statement of
profit and loss. The balance sheet
presentation for various financial
instruments is described below:

Financial assets measured as at
amortised cost: ECL is presented as
an allowance, i.e., as an integral part
of the measurement of those assets
in the balance sheet. The allowance
reduces the net carrying amount. Until
the asset meets write-off criteria, the
company does not reduce impairment
allowance from the gross carrying
amount.

Financial liabilities

Initial recognition and measurement

Financial liabilities are classified, at initial
recognition, as loans and borrowings, or
payables, as appropriate. 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.

Subsequent measurement

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

Financial liabilities at fair value through
profit or loss:

Financial liabilities at fair value through
profit or loss include financial liabilities
held for trading and financial liabilities
designated upon initial recognition
as at fair value through profit or loss.
Financial liabilities are classified as held
for trading if they are incurred for the
purpose of repurchasing in the near
term. Gains or losses on liabilities held
for trading are recognised in the profit
or loss.

Loans and borrowings

After initial recognition, interest-bearing
loans and borrowings are subsequently
measured at amortised cost using
the 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.

Derecognition

A financial liability is derecognised
when the obligation under the liability
is discharged or cancelled or expires.
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 derecognition 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."

Reclassification of financial assets

The company determines classification
of financial assets and liabilities on initial
recognition. After initial recognition, no

reclassification is made for financial
assets which are equity instruments
and financial liabilities. For financial
assets which are debt instruments, a
reclassification is made only if there
is a change in the business model for
managing those assets. Changes to
the business model are expected to
be infrequent. The company's senior
management determines change
in the business model as a result of
external or internal changes which
are significant to the company's
operations. Such changes are evident
to external parties. A change in the
business model occurs when the
company either begins or ceases to
perform an activity that is significant
to its operations. If the company
reclassifies financial assets, it applies
the reclassification prospectively from
the reclassification date which is the first
day of the immediately next reporting
period following the change in business
model. The company does not restate
any previously recognised gains, losses
(including impairment gains or losses)
or interest.

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.

(v) Unbilled Revenue and Billing in excess of
revenue

Unbilled revenue represents the aggregate
of costs chargeable and margin earned
under projects in progress as of the balance
sheet date. Such amounts become billable
according to the contract terms which
usually consider the passage of time,

achievement of certain milestones or
completion of the project.

Contract revenue earned in excess of billing
has been reflected under "Other Current
Assets" and billing in excess of contract
revenue is reflected under "Other Current
Liabilities" in the balance sheet.

(w) Fair Value Measurement

The Company measures financial instruments at
fair value each balance sheet date.

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. The fair value measurement
is based on the presumption that the transaction
to sell the asset or transfer the liability takes place
either:

(a) In the principal market for the asset or liability,
or

(b) In the absence of a principal market, in the
most advantageous market for the asset or
liability.

The principal or the most advantageous
market must be accessible by the Company.

The fair value of an asset or a liability is
measured using the assumptions that
market participants would use when pricing
the asset or liability, assuming that market
participants act in their economic best
interest.

A fair value measurement of a non¬
financial asset takes into account a market
participant's ability to generate economic
benefits by using the asset in its highest and
best use or by selling it 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.

(x) Recent pronouncement

Ministry of Corporate Affairs ("MCA") notifies
new standards or amendments to the existing
standards under Companies (Indian Accounting
Standards) Rules as issued from time to time.
For the year ended March 31, 2025, MCA has
notified Ind AS - 117 Insurance contract and
amendments to Ind AS 116 - Leases, relating to
sale and leaseback transactions , applicable to
the Company w.e.f. April 1, 2024. The Company
has reviewed the new pronouncement based
on its evaluation has determined that it does
not have any significant impact in its 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.

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:

General reserve represents appropriation of retained earnings and are available for distribution to shareholders
in compliance with the provisions of the Companies Act 2013.

(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.

(4) Surplus in statement of profit & loss:

Surplus in statement of profit & loss represents surplus / accumulated earnings of the Company and are available
for distribution to shareholders.

(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 can not
be quantified due to open remand.

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 (a) to (d) above,
pending resolution of the proceedings.

41. Commitments
Capital Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for ' 80,619 Lakhs
(31.03.2024 : ' 9,825.76 Lakhs).

42. Trade Receivables as disclosed in Notes 8 & 14, are net of provisions for:

(a) 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.

(b) The Company has long outstanding receivables of ' 1,153 Lakhs from POSH India Offshore Private Limited relating
to charter hire for a vessel for which provisions amounting to ' 100 Lakhs has been created during the FY 2022¬
23 and ' 205 lakhs created in FY 2021-22 and same has been subsequently received and reversed during FY
2023-24 amounting to ' 305 Lakhs.

(c) The company has long outstanding receivable of ' 239.71 Lakhs from Larsen & Tubro limited relating towards
bow string lowering job under PRP - VII through vessel Seamec Princess. The outstanding is due to technical matter
for which provision has been created during FY 2023-2024 and subsequently received in FY 2024-25 amounting
to ' 239.71 lakhs.

(d) The company has outstanding receivable of ' 448.73 Lakhs from Zamil Ofshores Company Limited relating to
Charter hire for a vessel of which provision amounting to '188.10 lakhs has been created during the current year.

The change in allowance for uncollectible trade receivables is as follows:

44. 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.

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.

The amount required to be spent by the Company during the year is ' 178 lakhs (previous year ' 133 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
done by way of contribution to various Trusts for Eradicating hunger, poverty and malnutrition, promoting health care
including preventive health care and sanitation including contribution to the Swachh Bharat Kosh set-up by the Central
Government for the promotion of sanitation and making available safe drinking water, Rural Development Projects,
Promoting education, including special education and employment enhancing vocation skills especially among
children, women, elderly and the differently abled and livelihood enhancement projects, Ensuring environmental
sustainability, ecological balance, protection of flora and fauna, animal welfare, agroforestry, conservation of natural
resources and maintaining quality of soil, air and water including contribution to the Clean Ganga Fund set-up by the
Central Government for rejuvenation of river Ganga.

52. gratuity and other post-employment benefit plans.

1. Defined Contribution Plans :

Amount of ' 204.16 Lakhs (31.03.2024 : ' 137.31 Lakhs) is recognized as an expense and included in Employee
Benefit Expense (refer note 35) in statement of profit and Loss, which includes provident fund and super annuation
fund.

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.

The gratuity plan is governed by the Payment of Gratuity Act, 1972. Under the act, employee who has completed
five years of service is entitled to specific benefit. The level of benefits provided depends on the member's
length of service and salary at retirement age. The fund has the form of a trust and it is governed by the Board
of Trustees, which consists of an equal number of employer and employee representatives. The Board of Trustees
is responsible for the administration of the plan assets and for the definition of the investment strategy.

Each year, the Board of Trustees reviews the level of funding in the India gratuity plan. Such a review includes
the asset-liability matching strategy and investment risk management policy. The Board of Trustees decides its
contribution based on the results of this annual review.

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.

Statement of Profit and Loss

Net employee benefit expense (recognized in contribution to provident, gratuity fund and other funds)

53. 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, 2025 and March 31,
2024.

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).

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 it's 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, 2025, March 31,2024
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 risk may result from inability to sell a financial asset quickly at close to its fair
value. Liquidity risk is managed by monitoring on a regular basis that sufficient funds are available to meet any
future commitments.

The table below summarizes the maturity profile of the company's financial liabilities based on contractual
undiscounted payments. 31 March 2025

54. 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, 2025 is 18% (March 31, 2024: 26%). 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.

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 24-25
comprising of loan of INR 2.24 Crores on 09/09/2024 and INR 1.09 Crores on 09/01/2025, (FY 23-24 INR 207.88
Crores comprising equity investment of INR 55.48 Crores (INR 2.65 Crore on 15/05/2023 and INR 52.83 Crores on
22/06/2023) and Loan of INR 152.40 Crores (148.27 Crores on 03/07/2023 and INR 4.13 Crores on 22/09/2023)
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 0.5 million (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.

56. 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 Swordfish.

57. PREVIOUS YEAR FIGURES

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

As per our report of even date

For T R Chadha & Co LLP For and on behalf of the Board of Directors of SEAMEC Limited

Chartered Accountants

Firm registration No. 006711N/N500028

Pramod Tilwani Naveen Mohta Rajeev Goel

Partner Whole Time Director Director

Membership No: 076650 (DIN 07027180) (DIN 02312655)

Vinay Kumar Agarwal S N Mohanty

Chief Financial Officer President - Corporate Affairs,

Legal & Company Secretary

Place: Mumbai Place: Mumbai

Date : May 27, 2025 Date : May 27, 2025