XVIII Provisions and Contingent Liabilities:

Provisions are recognized when there is 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;

The expenses relating to a provision is presented in the Statement of Profit and Loss net of
reimbursements, if any;

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 recognized as a finance cost;

Contingent liabilities are possible obligations whose existence will only be confirmed by future events
not wholly within the control of the Company, or present obligations where it is not probable that an
outflow of resources will be required or the amount of the obligation cannot be measured with sufficient
reliability;

Contingent liabilities are not recognized in the financial statements but are disclosed unless the
possibility of an outflow of economic resources is considered remote.

XIX Revenue Recognition:

Keeping in view of applicable Ind AS 115, revenue from contracts with customers is recognised
when control of the goods or services are transferred to the customer at an amount that reflects the
consideration to which the Company expects to be entitled in exchange for those goods or services.

The Company considers whether there are other promises in the contract that are separate performance
obligations. For each performance obligation identified in the contract, the Company determines at
the inception of the contract whether it satisfies the performance obligation over time or satisfies the
performance obligation at a point in time. If the Company does not satisfy a performance obligation over
time, the performance obligation is satisfied at a point in time.

(A) Revenue from Ship Construction, Ship Repair and Other Construction Contracts:

(i) Revenue from Ship Construction, Ship Repair and Other Construction Contracts is recognised
when (or as) the entity satisfies a performance obligation by transferring a promised good or
service (i.e. an asset) to a customer. An asset is transferred when (or as) the customer obtains
control of that asset.

The Company transfers control of a good or service over time and, therefore, satisfies a
performance obligation and recognises revenue over time, if one of the following criteria is
met -

(a) the customer simultaneously receives and consumes the benefits provided by the
Company’s performance as the Company performs; or

(b) the Company’s performance creates or enhances an asset (for example, work in
progress) that the customer controls as the asset is created or enhanced; or

(c) The Company’s performance does not create an asset with an alternative use to the
Company and the Company has an enforceable right to payment for performance
completed to date.

(d) Ship Building Financial Assistance recognised over a period of time in respect of
contracts which are eligible under SBFA policy when the management can reliably
measure the probable receipt of the same.

The Company recognises revenue for a performance obligation satisfied over time only if the
entity can reasonably measure its progress towards complete satisfaction of the performance
obligation.

Methods for Measuring Progress:

> Based on the nature of the goods, progress w.r.t Ship Construction is recognized over
time using Input Method i.e. by comparing the actual costs incurred to the total costs
anticipated for the entire contract. These estimates are revised periodically.

> For ship repair contracts having defined performance obligation, revenue is recognized
over time using Input Method i.e. by comparing the actual costs incurred to the total
costs anticipated for the entire contract.

> For Ship repair contracts involving continuous maintenance support, revenue is
recognised by using Output Method to measure its progress based on time elapsed
upto reporting date as the same is representative of the satisfaction of performance
obligation subject to entitlement of consideration in exchange of goods and/or services.

(ii) Revenue from supply of B&D Spares is recognised based on satisfaction of performance
obligation at point of time on proof of receipt of goods from Naval Stores.

(iii) Revenue Recognition for Modification Jobs: In case of modification jobs, revenue against
completed Modification jobs is recognised on the basis of Work Done Certificate issued
by appropriate authority and for which Modification Cost for Approval is submitted to the
customer, duly recommended by onsite representative of customer.

(B) Revenue from contracts for construction of diesel engine, overhauling of diesel engine, and
Helo -Traversing System (a product of deck machinery) which involves designing, engineering or
constructing specifically designed products and service contracts, is recognized over time using
input method. While other provisions attracting point over time, the same is recognised on the
basis as stated in (A) (i) supra.

(C) Revenue from Bailey Bridge Contracts is satisfied at point in time, as it does not meet the over¬
time criteria. Every set of bridge supplied is a distinct good and a separate performance obligation.
Thus, the Company recognizes revenue (including transportation) when the control is transferred,
that is when an entire set of bridge is delivered to customer.

For Bailey Bridge Contracts having multiple performance obligation such as the sale of Bailey
Bridge, installation service and construction of approach roads, free maintenance service, project
management service, etc., the Company recognises revenue of performance obligation related
to sale of Bailey Bridge when the control of Bailey Bridge is transferred. However, for other
performance obligations in the contract, revenue is recognised over time using input method.
While other provisions attracting point over time, the same is recognised on the basis as stated in
(A) (i) supra.

(D) Revenue from sale of Deck Machinery (except Helo-Traversing System) is in substance similar to
delivery of goods which is recognised when control over the assets that is subject of the contract is
transferred to the customer considering performance obligations being satisfied at a point in time.

(E) Other operational revenue represents income earned from activities incidental to the business
which is recognised when a right to receive the income is established when performance obligation
is satisfied as per terms of contract.

(F) When either party to a contract has performed, the Company presents the contract in the balance
sheet as a contract asset or a contract liability, depending on the relationship between the
Company’s performance and the customer’s payment.

Contract Assets: When the contract revenue recognized by the company by satisfaction of
performance obligation, exceeds the performance obligation satisfied by the customer by way of
payment of consideration is presented as a Contract Assets.

Contract Liabilities: When the performance obligation satisfied by the customer through payment
of consideration exceeds the contract revenue recognized by the company, the difference is
presented as a Contract Liabilities.

(G) Variable Consideration:

Variable considerations like discounts, rebates, refunds, credits, price concessions, penalties
(liquidated damages) or other similar items in a Contract are accounted on the basis of contractual
provisions/ management estimation and the net amount of consideration to which the Company
will be entitled in exchange for transferring the promised goods or services to a customer. The
promised consideration can vary if an entity’s entitlement to the consideration is contingent on the
occurrence or non-occurrence of a future event.

(H) Other Income

(i) Rendering of Other Services: Revenue is recognized from rendering of other services when
the performance obligation is satisfied and the services are rendered in accordance with the
terms of customer contracts. Revenue is measured based on the transaction price, which
is the consideration, as specified in the contract with the customer. Revenue also excludes
taxes collected from customers.

(ii) Income from export incentives such as duty drawback and premium on sale of import licenses
are recognised on accrual basis;

(iii) Income from sale of scrap is accounted for on realisation;

(iv) Interest income is recognized using the effective interest rate (EIR) method;

(v) Dividend income on investments is recognised when the right to receive dividend is
established;

(vi) 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.

(vii) Rent for the immovable properties is recognised on accrual basis as per the respective
agreements with the parties.

XX Borrowing Costs:

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

Borrowing costs that are attributable to the acquisition or construction of qualifying assets (i.e. an asset
that necessarily takes a substantial period of time to get ready for its intended use) are capitalized as a
part of the cost of such assets. All other borrowing costs are charged to the Statement of Profit and Loss;

Investment Income earned on the temporary investment of funds of specific borrowings pending their
expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation.

XXI Employee Benefits:

i Short term employee benefits:

Short-term employee benefits (including leave) are recognized as an expense at an undiscounted
amount in the Statement of Profit and Loss of the year in which the related services are rendered;

ii. Post-employment benefits:

The Company operates the following post - employment schemes:

- Defined contribution plans such as provident fund; and

- Defined benefit plans such as gratuity
Defined Contribution Plans:

Obligations for contributions to defined contribution plans such as provident fund are recognised
as an expense in the Statement of Profit and Loss as the related service is provided.

Defined Benefit Plans:

The Company’s net obligation in respect of defined benefit plans such as gratuity is calculated by
estimating the amount of future benefit that the employees have earned in the current and prior
periods, discounting that amount and deducting the fair value of any plan assets.

The calculation of defined benefit obligation is performed at each reporting period end by a
qualified actuary using the projected unit credit method. When the calculation results in a potential
asset for the Company, the recognised asset is limited to the present value of the economic benefits
available in the form of any future refunds from the plan or reductions in future contributions to the
plan.

The current service cost of the defined benefit plan, recognized in the Statement of Profit and
Loss as part of employee benefit expense, reflects the increase in the defined benefit obligation
resulting from employee service in the current year, benefit changes, curtailments and settlements.

Past service costs are recognized immediately in the Statement of Profit and Loss. The net interest
is calculated by applying the discount rate to the net balance of the defined benefit obligation
and the fair value of plan assets. This net interest is included in employee benefit expense in the
Statement of Profit and Loss.

Re-measurement gains and losses arising from experience adjustments and changes in actuarial
assumptions are recognised in the period in which they occur, directly in other comprehensive
income.

XXII Provision for Current and Deferred Tax:

i. 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 correlation to the underlying transaction either in the Statement
of Profit and Loss, other comprehensive income or directly in equity;

ii. 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.

XXIII Warranty Provision:

Provision for warranty related costs are recognised after the product is sold or services are rendered
to the customer in terms of the contract. Initial recognition is based on the historical experience. The
estimates of warranty related costs are revised periodically.

3.3 E-Complex Private Limited, a wholly-owned subsidiary of the Company was admitted during FY 2020-21 for
Corporate Insolvency Resolution Process (CIRP) with NCLT Ahmedabad. The CIRP process for E-Complex
Private Limited is completed as per the NCLT order dated December 4, 2023 which has been set aside by
NCLAT by its order dated July 25, 2024. The COC of ECPL has filed an appeal before the Supreme court of
India which is pending admission. The impairment created in the earlier years against this investment is still
carried in the books of accounts.

Equity Shares of E Complex Private Limited are pledged with Lenders for loan facilities availed by the
Company. However the amount of investment in E Complex Pvt Ltd has been fully impaired in earlier years.

Note - 4

Deferred Tax Liabilities/(Assets) (Net)

4.1 Reconciliation of tax expenses and the accounting profit multiplied by domestic tax rate:

Since the Company has incurred loss during the year ended March 31, 2025 and previous year, no tax is
payable for these years as per provisions of Income Tax Act, 1961, the calculation of effective tax rate is not
relevant and hence not given.

4.2 The Company has not recognised net deferred tax assets as Company is not certain that sufficient future
taxable income will be available against which deferred tax assets can be realised considering its present
order book and anticipated orders and opportunities in the defence sector as evidences.

The above sensitivity analysis is based on an assumption while holding all other assumptions
constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be
correlated. In presenting the above sensitivity analysis, the present value of defined obligation has
been calculated using the projected unit credit method at the end of reporting period, which is the
same as that applied in calculating the defined obligation liability recognized in the Balance Sheet.

vii) Risk Exposure :

1 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 reporting
period on Government bonds.

2 Interest Risk: A decrease in the bond interest rate will increase the plan liability: however,
this will be partially offset by an increase in the return on the plan debt investment.

3 Liquidity Risk: The present value of the defined plan liability is calculated by reference to the
best estimate of the mortality of plan participants both during and after their employment. An
increase in the life expectancy of the plan participants will increase the plan’s liability.

4 Salary Risk: The present value of the defined 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.

b) Leave Encashment (Unfunded)

During the FY 2020-21, The Company changed its leave policy wherein accumulation of leave is
restricted and encashment of leave facility was withdrawn.

Consequently as there is no liability towards the leave encashment actuarial valuation has not been
carried out.

Note : Above details are captured from the Actuarial report. The Company had certain gratuity liability
Pre-CIRP and also making certain provision for the Post-CIRP basis the calculation done by HR
department of the company.

As per the actuarial valuation report, there is a net assets position. However, the Company had
continued the gratuity liability on a conservative basis. Accordingly, outstanding liability towards
gratuity and leave encashment in notes no. 14 &19 will not match with the above disclosure.

lote - 24

The Company has issued a Bond cum legal undertaking for INR 10,000 lakhs (Previous Year: INR 64,400 lakhs)
in favour of President of India acting through Development Commissioner of Kandla Special Economic Zone for
setting up a SEZ unit for availing exemption from payment of duties, taxes or cess or drawback and concession etc.
a General Bond in favour of the President of India for a sum of INR 15,300 lakhs (Previous Year : INR 15,300 lakhs)
as Security for compliance of applicable provisions of the Customs Act, 1962 and the Excise Act, 1944 for EOU unit,
a bond cum legal undertaking for INR 1,350 lakhs (Previous Year: INR 1,350 lakhs) in favour of President of India
acting through D.R.I. Ahmedabad, Zonal Unit as security of compliance under Central Excise Act, 1944.

Note - 30
Going Concern

The financial statement for the period and year ended March 31, 2025 have been prepared on going concern
assumptions by the Board of Directors of the Company.

Note No. - 31
Leases

The Company has entered into a non cancellable leasing agreements for Land and Infrastructure Facilities for a
period between 5 to 60 years which are renewable by mutual consent on mutually agreeable terms. There is an
escalation clause in the lease agreement during the lease period in line with expected general inflation. There
are no restrictions imposed by lease arrangements and there are no sub-leases. There are no contingent rents.
Disclosures as required under Ind AS 116 on “Lease” are given below:

Segment Reporting

The Company is engaged only in the business of Ship-building and repairs. As such, there are no separate
reportable segments.

Segment information as per Ind AS 108 on Operating Segment :

Information provided in respect of revenue items for the year ended March 31, 2025, and in respect of
assets/liabilities as at March 31, 2025.

I The risk - return profile of the Company’s business is determined predominantly by the nature of its
products. The Company is engaged in the business of Shipbuilding, Repair and Fabrication. Further based
on the organisational structure, internal management reporting system, nature of production process and
infrastructure facilities used, there are no separate reportable segments.

II Revenue from Major Customers :

Revenue from operations includes INR 692.48 lakhs (Previous Year: Nil) from four customers (Previous Year:
Nil) having more than 10% of the total revenue.

Mr. Vipin Kumar Saxena has been appointed as the Chief Executive Officer (CEO) of the company, with effect
from October 10, 2024. The Chief Financial Officer (CFO) of the Company, Mr. Rishi Chopra, has tendered
his resignation, effective November 22, 2024. The position of CFO has been subsequently filled by the
appointment of Mr. Rajesh Bhardwaj, effective November 22, 2024.

b) Terms and Conditions of transactions with related parties

The transactions with related parties are at arm’s length price and in the ordinary course of business.
Outstanding balances at the year-end are unsecured. This assessment is undertaken at each financial
year through examining the financial position of the related party and the market in which the related party
operates.

a Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument
fails to meet its contractual obligations, and arises principally from the Company’s receivables from
customers, loans and investment in debt securities. Credit risk is managed through credit approvals,
establishing credit limits and continuously monitoring the creditworthiness of customers to which the
Company grants credit terms in the normal course of business. The Company establishes an allowance
for doubtful debts and impairment that represents its estimate of incurred losses in respect of trade and
other receivables and investments.

ii Cash and Cash Equivalents

The Company held cash and bank balance with credit worthy banks of INR 2917.98 Lakhs at
March 31, 2025 (March 31, 2024: INR 1894.82 Lakhs). The credit risk on cash and cash equivalents
is limited as the Company generally invests in deposits with banks where credit risk is largely
perceived to be extremely insignificant.

b Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated
with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s
approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to
meet its liabilities when they are due, under both normal and stressed conditions, without incurring
unacceptable losses or risking damage to the Company’s reputation.

Management monitors rolling forecasts of the Company’s liquidity position on the basis of expected
cash flows. The Company manages its liquidity risk by preparing monthly cash flow projections to
monitor liquidity requirements. In addition, the Company projects cash flows and considering the level
of liquid assets necessary to meet these, monitoring the Balance Sheet liquidity ratios against internal
and external regulatory requirements and maintaining debt financing plans.

i Exposure to Liquidity Risk

The company has outstanding borrowing through Current and Non-Current borrowings from
Banks / NBFCs and third parties.

Carrying amounts are as below:

* The amount shown under ‘Borrowings - (Current)’ includes advances received from subsidiaries, other
related parties and other third parties. These have been received in the ordinary course of business and
are repayable on demand.

C Market Risk

Market risk is the risk that changes in market prices such as foreign exchange rates, interest rates and
equity prices and will affect the Company’s income or the value of its holdings of financial instruments.
Market risk is attributable to all market risk sensitive financial instruments including foreign currency
receivables and payables and long term debt. The Company is exposed to market risk primarily related
to interest rate risk and the market value of the investments.

i Currency Risk

The Company is exposed to currency risk on account of its trade and other payables in foreign
currency. The functional currency of the Company is Indian Rupee. Currency risk is not material, as
the Company does not have any exposure in foreign currency.

ii Interest Rate Risk

Interest rate risk can be either fair value interest rate risk or cash flow interest rate risk. Fair value
interest rate risk is the risk of changes in fair values of fixed interest bearing investments because
of fluctuations in the interest rates. Cash flow interest rate risk is the risk that the future cash flows
of floating interest bearing investments will fluctuate because of fluctuations in the interest rates.

Exposure to interest rate risk

According to the Company interest rate risk exposure is only for floating rate borrowings. Company
does not have any floating rate borrowings on any of the Balance Sheet date disclosed in this
financial statements.

iii Price Risk

Price risk is the risk that the fair value of a financial instrument will fluctuate due to changes in
market traded price. It arises from financial assets such as investments in quoted instruments and
units of mutual funds.

a Fair value sensitivity analysis for fixed rate Instruments

The Company does not account for any fixed rate financial assets or financial liabilities at fair
value through Profit or Loss. Therefore, a change in interest rates at the reporting date would
not affect Profit or Loss.

b Cash flow sensitivity analysis for variable rate Instruments

The Company does not have any variable rate instrument in Financial Assets or Financial
Liabilities.

Note - 35

Capital Management

For the purpose of the Company’s capital management, capital includes issued equity capital, securities 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 safeguard continuity, maintain a strong credit rating and healthy capital ratios
in order to support its business and provide adequate return to shareholders through continuing growth.

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and
the requirements of the financial covenants. The funding requirement is met through a mixture of equity, internal
accruals, long term borrowings and short term borrowings. The Company monitors capital using a gearing ratio,
which is net debt divided by total capital plus net debt.

In order to achieve this overall objective, the Company’s capital management, amongst other things, aims to
ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital
structure requirements.

(a) The Company has not revalued its Property, Plant and Equipment (including Right-of-Use Assets) and
intangible assets during the year.

(b) The Company has not given any loans or advances in the nature of loans either repayable on demand
or without specifying any terms or period of repayment granted to promoters, directors, KMPs and related
parties.

(c) The Company has not used borrowings for purpose other than specified purpose of the borrowing. Further,
there is no delay in creation of charges with ROC beyond the statutory period.

(d) The Company does not have any Benami property. Further, there are no proceedings initiated or are pending
against the Company for holding any benami property under the Prohibition of Benami Property Transactions
Act, 1988 and rules made thereunder.

(e) The company did not have any transactions with any struck-off companies during the year.

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

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

(i) 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

(ii) Provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.

(h) 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 Company shall:

(i) 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

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

(i) The Company does not have not 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.

(j) The Company has not been declared as a wilful defaulter by any bank or financial institution or government
or any government authority.

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

(l) The Board at its meeting held on November 22, 2024, has considered and approved the Scheme of
Arrangement and Amalgamation between Triumph Offshore Private Limited (“the Transferor Company” or
“TOPL”) and Swan Defence and Heavy Industries Limited [Formerly known as Reliance Naval and Engineering
Limited] (“the Transferee Company” or “SDHIL”) and their respective shareholders and creditors under
Sections 230 to 232 read with Section 66 and Section 52 and other applicable provisions of the Companies
Act, 2013 and Rules & Regulations made thereunder (”The Act”), which inter aliaprovides for the following:

1. Reduction and re-organisation of the capital of the Transferee Company.

2. Amalgamation of the Transferor Company with the Transferee Company and in consideration thereof,
SDHIL will issue 1325 (One Thousand Three Hundred and Twenty Five) 8% Non-Convertible Redeemable
Preference Shares having face value of INR 10/- (Rupees Ten) each credited as fully paid-up to be issued
to the equity shareholders of TOPL for every 1000 (One Thousand) Equity Shares of INR 10/- (Rupee Ten)
each fully paid-up, held by such shareholders in TOPL.

The Scheme is inter alia subject to the sanction of National Company Law Tribunal (“NCLT”), Ahmedabad
Bench and receipt of necessary approvals from Stock Exchanges and Securities and Exchange Board
of India, shareholders/creditors, as may be directed by the NCLT and such other regulatory/statutory
authorities, as may be required and the Company is in the process seeking the same.

(m) All the charges of the Company as appearing on the MCA portal are in the process of being satisfied /
modified to give effect of the approved resolution plan as entered into with the financial creditors.

Previous year figures have been regrouped and rearranged, wherever necessary to make them comparable with
those of the current year.

As per the order dated December 23, 2022, by the Ahmedabad bench of the National Company Law Tribunal
approving the Resolution Plan of the Company, an amount of INR 5,188.85 lakhs is payable to India Infrastructure
Finance Company (UK) Limited. (IIFCL) The liability is capped at INR 5,188.85 lakhs however the amount payable
would be converted into USD on the date of payment. As on March 31, 2025 balance amount payable to IIFCL is
INR 3,454.28 Lakh.

M/s Mahajan & Aibara Chartered Accountants LLP were appointed as the Internal Auditors for the financial year
ending March 31, 2025, on February 7, 2025.

Net amount of INR 4,211.91 lakhs was payable to various overseas parties as on January 15, 2020. The amount to
be paid as per approved resolution plan against this amount is NIL. Hence the same is written back in F.Y. 2022-23
and the Company is in process of doing necessary compliance with RBI and FEMA.

As per our report of even date For and on behalf of the Board of Directors

For N.N. Jambusaria & Co. Swan Defence and Heavy Industries Limited

Chartered Accountants (Formerly known as Reliance Naval and Engineering Limited)

Firm Reg. No. 104030W

Nikhil Merchant Paresh Merchant

Chairman & Managing Director Director

DIN : 00614790 DIN : 00660027

Nimesh N. Jambusaria Rajesh Bhardwaj Vishant Shetty

Partner Chief Financial Officer Company Secretary

Membership No. 038979 Membership No. A38378

Place : Mumbai Place : Mumbai

Date : May 23, 2025 Date : May 23, 2025

UDIN: 25038979BMIWRO9982