11. PROVISIONS, CONTINGENT LIABILITIES & CONTINGENT
ASSETS:
a) Provisions are recognized when the entity has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation.
b) 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.
c) When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset, if it is virtually certain that reimbursement will
be received and the amount of the receivable can be measured reliably.
d) Provisions for onerous contracts are recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable costs of meeting the future obligations under the contract. Provisions for onerous contracts are measured at the present value of lower of the expected net cost of fulfilling the contract and the expected cost of terminating the contract.
e) Contingent Assets and Contingent liabilities are not provided for but are disclosed in the financial statements at the end of each reporting period.
2. TAX EXPENSES:
CURRENTTAX
a) Provision for Current tax, on operational income, is made,on the basis of deemed tonnage income of
the company, as per special provisions relating to shipping companies under the Income Tax Act,1961.
b) Provision for Current tax on non-operational income is made as per the provisions of the Income Tax Act 1961.
13. EARNINGS PER SHARE:
a) Basic EPS is computed by dividing the profit after tax attributable to equity shareholders by the weighted average number of equity shares outstanding during the year / period.
b) Diluted EPS is computed by dividing the profit after tax attributable to equity shareholders, as adjusted for dividend, interest and other charges to expense or income relating to the dilutive potential equity shares, by the weighted average number of equity shares considered for deriving basic EPS and the weighted average number of equity shares which could have been issued on the conversion of all dilutive potential equity shares.
As per our Report of even date For and on behalf of the Board of Directors
For Rao & Kumar & Co
Chartered Accountants Firm Regn No: 03089S
CA. Anirban Pal Dr. Madhaiyaan Angamuthu, IAS Shri Durgesh Kumar Dubey, IRTS
Partner Chairman Managing Director &CEO (A/c)
Membership No:214919 UDIN: 24214919BKBGOE2046
Place: Visakhapatnam CA. E. Kiran P. Chandra Kalabhinetri
Date:29/05/2024 Chief Financial Officer Company Secretary