We have audited the accompanying standalonefinancial statements of Seamec Limited ("theCompany"), which comprise the Standalone BalanceSheet as at 31st March 2025, and the StandaloneStatement of Profit and Loss (including OtherComprehensive Income), the Standalone Statementof Cash Flows and the Standalone Statement ofChanges in Equity for the year then ended, and notesto the standalone financial statements, including asummary of material accounting policies and otherexplanatory information (hereinafter referred to as "thestandalone financial statements").
In our opinion and to the best of our information andaccording to the explanations given to us, the aforesaidstandalone financial statements give the informationrequired by the Companies Act, 2013 ("the Act") inthe manner so required and give a true and fair viewin conformity with the Indian Accounting Standardsprescribed under Section 1 33 of the Act read withthe Companies (Indian Accounting Standards) Rules,2015, as amended, ("Ind AS") and other accountingprinciples generally accepted in India, of the state ofaffairs of the Company as at 31 st March 2025, andits profit (including other comprehensive income),changes in equity and its cash flows for the year endedon that date.
We conducted our audit of the standalone financialstatements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of theAct. Our responsibilities under those SAs are furtherdescribed in the Auditor's Responsibility for the Auditof the Standalone Financial Statements section ofour report. We are independent of the Company inaccordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India (ICAI)together with the ethical requirements that are relevantto our audit of the standalone financial statementsunder the provisions of the Act and the Rules madethereunder, and we have fulfilled our other ethicalresponsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that theaudit evidence obtained by us is sufficient andappropriate to provide a basis for our audit opinion onthe standalone financial statements.
Key audit matters are those matters that, in ourprofessional judgment, were of most significance inour audit of the standalone financial statements ofthe current year. These matters were addressed inthe context of our audit of the standalone financialstatements as a whole, and in forming our opinionthereon, and we do not provide a separate opinionon these matters. We have determined the mattersdescribed below to be the key audit matters to becommunicated in our report.
Sr.
No.
Key Audit Matter
Auditor’s Response
A
Carrying value, Useful life of the Fleet (Vessel) &Fleet Equipments of the Company, Amortizationof Dry Dock Cost and Cost of Modification
As on 31.03.2025, the Net Book Value of Fleet andFleet Equipments stands at INR 33,550.49 lakhsrepresenting 26% of the total assets. This includesValue of Vessels and Value of Equipments and DryDock Cost.
The management reviews the estimated usefullife and the residual value of the same annually.The Company assesses at the end of eachreporting period whether there is any indicationthat an asset may be impaired by consideringinternal and external sources of
C. information.
D. Refer Note 3 (a), (c), (d) and 4 of StandaloneFinancial Statements.
Our procedures in relation to the depreciable lives of the Fleet
& Fleet Equipment included:
• Testing the key controls over the management's judgmentin relation to the accounting estimates of the useful life ofthe same.
• Assessing the management's estimates on the useful lifeof Fleet and Fleet Equipment with reference to technicalevaluation, practice followed by peers and useful lifeprescribed in relevant schedule of Companies Act.
• We have also assessed the Company's process ofassessing the impairment requirement and the revenueand cost related to each vessel has been analyzed for thepurpose of any sign with regard to impairment.
• We have also assessed the recognition of Cost ofmodification and Dry Dock cost based on recognitioncriterion given in relevant Ind AS. Reviewed the amortisationof Dry dock cost till the estimated date for next Dry dock.
B
E. Expected Credit Loss on Trade Receivable
Our procedures in relation to the Expected Credit Loss on Trade
F. As on 31.03.2025, trade receivables stand at
Receivable included:
INR 15920.17 Lakhs after providing Expected
• Testing with regard to trade receivable includes testing
Credit Loss amounting to INR 14,038.56
controls over billing, collections, ageing analysis, etc.
Lakhs.
• Test the completeness and accuracy of the data.
The inherent risk in relation to the expected creditlosses of trade receivable is considered significantdue to the subjectivity of significant assumptions
• Critically assessed and tested the significant judgmentsused by management based on past experience.
and estimates used.
• Analyzing the key terms of contract with customers to
G. Refer Note 3 (u) and 8 and 14 of Standalone
ascertain provision required for expected credit loss.
Financial Statements.
4. information Other than the StandaloneFinancial Statements and Auditor’s Reportthereon
The Company's Management and Board of Directorsare responsible for the other information. The otherinformation comprises the information included inCompany's Annual Report, but does not include thestandalone financial statements and our auditor'sreport thereon. The Company's Annual report isexpected to be made available to us after the date ofthis auditor's report.
Our opinion on the standalone financial statementsdoes not cover the other information and we do notand will not express any form of assurance conclusionthereon.
In connection with our audit of the standalonefinancial statements, our responsibility is to read theother information and, in doing so, consider whetherthe other information is materially inconsistent with thestandalone financial statements or our knowledgeobtained during our audit, or otherwise appears to bematerially misstated. If, based on the work performed,we conclude that there is a material misstatement ofthis other information, we are required to report thatfact.
5. Responsibilities of Management and theBoard of Directors for the Standalone FinancialStatements
The Company's Management and Board of Directorsare responsible for the matters stated in section 134(5)of the Act with respect to the preparation of thesestandalone financial statements that give a true andfair view of the state of affairs, profit (including othercomprehensive income), changes in equity and cashflows of the Company in accordance with the Ind ASand other accounting principles generally acceptedin India. This responsibility also includes maintenance
of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets ofthe Company and for preventing and detecting fraudsand other irregularities; selection and application ofappropriate accounting policies; making judgmentsand estimates that are reasonable and prudent;and design, implementation and maintenanceof adequate internal financial controls, that wereoperating effectively for ensuring the accuracy andcompleteness of the accounting records, relevant tothe preparation and presentation of the standalonefinancial statements that give a true and fair view andare free from material misstatement, whether due tofraud or error.
In preparing the standalone financial statements, theManagement and Board of Directors are responsiblefor assessing the Company's ability to continue as agoing concern, disclosing, as applicable, mattersrelated to going concern and using the going concernbasis of accounting unless management either intendsto liquidate the Company or to cease operations, orhas no realistic alternative but to do so.
The Board of Directors is also responsible for overseeingthe Company's financial reporting process.
6. Auditors’ Responsibility for the Audit of theStandalone Financial Statements
Our objectives are to obtain reasonable assuranceabout whether the standalone financial statements asa whole are free from material misstatement, whetherdue to fraud or error, and to issue an auditors' reportthat includes our opinion. Reasonable assuranceis a high level of assurance, but is not a guaranteethat an audit conducted in accordance with SAs willalways detect a material misstatement when it exists.Misstatements can arise from fraud or error and areconsidered material if, individually or in the aggregate,they could reasonably be expected to influence theeconomic decisions of users taken on the basis ofthese standalone financial statements.
As part of an audit in accordance with SAs, we exercise
professional judgment and maintain professional
skepticism throughout the audit. We also:
• Identify and assess the risks of materialmisstatement of the standalone financialstatements, whether due to fraud or error, designand perform audit procedures responsive tothose risks, and obtain audit evidence that issufficient and appropriate to provide a basis forour opinion. The risk of not detecting a materialmisstatement resulting from fraud is higherthan for one resulting from error, as fraud mayinvolve collusion, forgery, intentional omissions,misrepresentations, or the override of internalcontrol.
• Obtain an understanding of internal financialcontrol relevant to the audit in order to designaudit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act,we are also responsible for expressing our opinionon whether the Company has adequate internalfinancial controls with reference to standalonefinancial statements in place and the operatingeffectiveness of such controls.
• Evaluate the appropriateness of accountingpolicies used and the reasonableness ofaccounting estimates and related disclosures inthe standalone financial statements made bythe Management and Board of Directors.
• Conclude on the appropriateness ofManagement and Board of Directors use of thegoing concern basis of accounting and, basedon the audit evidence obtained, whether amaterial uncertainty exists related to events orconditions that may cast significant doubt on theCompany's ability to continue as a going concern.If we conclude that a material uncertainty exists,we are required to draw attention in our auditor'sreport to the related disclosures in the standalonefinancial statements or, if such disclosuresare inadequate, to modify our opinion. Ourconclusions are based on the audit evidenceobtained up to the date of our auditors' report.However, future events or conditions may causethe Company to cease to continue as a goingconcern.
• Evaluate the overall presentation, structure andcontent of the standalone financial statements,including the disclosures, and whether thestandalone financial statements represent theunderlying transactions and events in a mannerthat achieves fair presentation.
We communicate with those charged withgovernance regarding, among other matters,the planned scope and timing of the audit andsignificant audit findings, including any significantdeficiencies in internal control that we identifyduring our audit.
We also provide those charged with governancewith a statement that we have compliedwith relevant ethical requirements regardingindependence, and to communicate withthem all relationships and other matters thatmay reasonably be thought to bear on ourindependence, and where applicable, relatedsafeguards.
From the matters communicated with thosecharged with governance, we determine thosematters that were of most significance in theaudit of the standalone financial statementsof the current period and are therefore the keyaudit matters. We describe these matters in ourauditors' report unless law or regulation precludespublic disclosure about the matter or when, inextremely rare circumstances, we determinethat a matter should not be communicated inour report because the adverse consequencesof doing so would reasonably be expected tooutweigh the public interest benefits of suchcommunication.
a. As required by the Companies (Auditors' Report) Order,2020 ("the Order") issued by the Central Governmentof India in terms of Section 143(11) of the CompaniesAct, 2013, we give in the “Annexure A”, a statementon the matters specified in paragraphs 3 and 4 of theOrder, to the extent applicable.
b. As required by Section 143(3) of the Act, we reportthat:
i. We have sought and obtained all the informationand explanations which to the best of ourknowledge and belief were necessary for thepurposes of our audit.
ii. In our opinion, proper books of account asrequired by law have been kept by the Companyso far as it appears from our examination of thosebooks expect for the matters stated in para viii(e) below on reporting under rule 1 1 (g) of theCompanies (Audit and Auditors Rules, 2014).
iii. The Standalone Balance Sheet, the StandaloneStatement of Profit and Loss including OtherComprehensive Income, the StandaloneStatement of Changes in Equity and theStandalone Cash Flow Statement dealt with by
this Report are in agreement with the books ofaccount.
iv. In our opinion, the aforesaid standalone financialstatements comply with the Indian AccountingStandards specified under Section 133 of theAct read with the Companies (Indian AccountingStandards) Rules, 2015, as amended.
v. On the basis of the written representationsreceived from the directors as on 31 st March,2025 taken on record by the Board of Directors,none of the directors are disqualified as on 31stMarch, 2025 from being appointed as a directorin terms of Section 164 (2) of the Act.
vi. With respect to the adequacy of the internalfinancial controls with reference to standalonefinancial statements of the Company and theoperating effectiveness of such controls, refer toour separate Report in "Annexure B".
vii. The modification relating to the maintenance ofaccounts and other matters connected therewithare as stated in paragraph (b) above on reportingunder section 1 43(3)(b) and paragraph viii(e)below on reporting under rule 11(g).
viii. With respect to the other matters to be includedin the Auditor's Report in accordance with Rule11 of the Companies (Audit and Auditors) Rules,201 4, as amended, in our opinion and to thebest of our information and according to theexplanations given to us:
a. The Company has disclosed the impact ofpending litigations on its financial position in itsstandalone financial statements - Refer Note 40of standalone financial statements;
b. The company did not have any long-termcontracts including derivative contract for whichthere were any material foreseeable losses;
c. There were no amounts which were requiredto be transferred to the Investor Education andProtection Fund by the Company.
d. (i) The Management has represented that,
to the best of its knowledge and belief,Other than as disclosed in note 55(b) nofunds have been advanced or loanedor invested (either from borrowed fundsor share premium or any other sourcesor kind of funds) by the company to or inany other person(s) or entity(ies), includingforeign entities ("Intermediaries"), with theunderstanding, whether recorded in writingor otherwise, that the Intermediary shall,directly or indirectly lend or invest in other
persons or entities identified in any mannerwhatsoever by or on behalf of the company("Ultimate Beneficiaries") or provide anyguarantee, security or the like on behalf ofthe Ultimate Beneficiaries.
(ii) Management has represented, that, to thebest of its knowledge and belief, no fundshave been received by the companyfrom any person(s) or entity(ies), includingforeign entities ("Funding Parties"), with theunderstanding, whether recorded in writingor otherwise, that the company shall,directly or indirectly, lend or invest in otherpersons or entities identified in any mannerwhatsoever by or on behalf of the FundingParty ("Ultimate Beneficiaries") or provide anyguarantee, security or the like on behalf ofthe Ultimate Beneficiaries; and
(iii) Based on such audit procedures performedand information and explanation given,nothing has come to our notice that hascaused us to believe that the representationsunder sub-clause (i) and (ii) contain anymaterial mis-statement.
e. Based on the audit procedures performedthat have been considered reasonable andappropriate in the circumstances by us, whichincludes test checks, the Company has usedERP as its accounting software for maintaining itsbooks of account which has a feature of recordingaudit trail (edit log) facility and that has operatedthroughout the financial year for all relevanttransactions recorded in the said software exceptthat the audit trail (edit log) feature has option ofdisabled or enabled throughout the year. Duringthe course of performing our procedures, wedid not notice any instance of audit trail featurebeing disabled and tempered with.
c. With respect to the other matters to be included inAuditor's Report in accordance with the requirementsof section 197 (16) of the Act, as amended, in ouropinion and to the best of our informations andaccording to the explanations given to us, theremuneration paid by the Company to its directorsduring the year is in accordance with the provisions ofthe Section 197 of the Act.
Chartered AccountantsFirm Regn. No: 006711N/N500028
Place: Mumbai Partner
Date: 27th May 2025 Membership No. 076650
UDIN:25076650BMJFZA4905